Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 06, 2018 | Jun. 30, 2017 | |
Class of Stock [Line Items] | |||
Entity Registrant Name | WORLD WRESTLING ENTERTAINMENTINC | ||
Entity Central Index Key | 1,091,907 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | wwe | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 770,348,077 | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding (in Shares) | 42,540,288 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding (in Shares) | 34,609,438 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Operations [Abstract] | |||
Net revenues | $ 800,959 | $ 729,216 | $ 658,768 |
Cost of revenues | 458,981 | 430,032 | 397,316 |
Selling, general and administrative expenses | 240,350 | 219,132 | 192,773 |
Depreciation and amortization | 26,050 | 24,411 | 22,760 |
Loss on abandonment | 7,125 | ||
Operating income | 75,578 | 55,641 | 38,794 |
Interest expense | 14,736 | 3,020 | 2,367 |
Investment income, net | 3,409 | 2,392 | 1,792 |
Other expense, net | (191) | (1,800) | (1,993) |
Income before income taxes | 64,060 | 53,213 | 36,226 |
Provision for income taxes | 31,420 | 19,372 | 12,082 |
Net income | $ 32,640 | $ 33,841 | $ 24,144 |
Earnings per share: basic | $ 0.43 | $ 0.44 | $ 0.32 |
Earnings per share: diluted | $ 0.42 | $ 0.44 | $ 0.32 |
Weighted average common shares outstanding: | |||
Basic | 76,743 | 76,149 | 75,696 |
Diluted | 78,471 | 77,539 | 76,333 |
Dividends declared per common share (Class A and B) | $ 0.48 | $ 0.48 | $ 0.48 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 32,640 | $ 33,841 | $ 24,144 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 120 | (209) | (168) |
Unrealized holding (losses) gains on available-for-sale securities (net of tax expense (benefit) of $(334), $57 and $(30), respectively) | (644) | 93 | (49) |
Total other comprehensive loss | (524) | (116) | (217) |
Comprehensive income | $ 32,116 | $ 33,725 | $ 23,927 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
(Losses) gains on unrealized holding gains on available-for-sale securities, tax (benefit) expense | $ (334) | $ 57 | $ (30) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 137,700 | $ 211,976 |
Short-term investments, net | 159,744 | 55,164 |
Accounts receivable (net of allowance for doubtful accounts and returns of $3,035 and $8,259, respectively) | 65,245 | 53,155 |
Inventory | 8,332 | 6,531 |
Prepaid expenses and other current assets | 19,961 | 22,480 |
Total current assets | 390,982 | 349,306 |
PROPERTY AND EQUIPMENT, NET | 131,325 | 132,631 |
FEATURE FILM PRODUCTION ASSETS, NET | 22,300 | 27,137 |
TELEVISION PRODUCTION ASSETS, NET | 7,292 | 12,508 |
INVESTMENT SECURITIES | 27,367 | 24,957 |
NON-CURRENT DEFERRED INCOME TAX ASSETS | 18,984 | 32,556 |
OTHER ASSETS, NET | 16,257 | 21,808 |
TOTAL ASSETS | 614,507 | 600,903 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 4,638 | 6,121 |
Accounts payable and accrued expenses | 77,738 | 70,360 |
Deferred income | 55,818 | 56,653 |
Total current liabilities | 138,194 | 133,134 |
LONG-TERM DEBT | 30,958 | 35,596 |
CONVERTIBLE DEBT | 177,900 | 161,008 |
NON-CURRENT INCOME TAX LIABILITIES | 519 | 725 |
NON-CURRENT DEFERRED INCOME | 13,977 | 30,697 |
Total liabilities | 361,548 | 361,160 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Additional paid-in-capital | 422,208 | 403,387 |
Accumulated other comprehensive income | 2,371 | 2,895 |
Accumulated deficit | (172,391) | (167,303) |
Total stockholders' equity | 252,959 | 239,743 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 614,507 | 600,903 |
Common Class A [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 425 | 385 |
Common Class B [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | $ 346 | $ 379 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts and returns | $ 3,035 | $ 8,259 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 42,498,452 | 38,455,266 |
Common stock, shares outstanding | 42,498,452 | 38,455,266 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 34,609,438 | 37,949,438 |
Common stock, shares outstanding | 34,609,438 | 37,949,438 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Common Class A [Member] | Common Class B [Member] | Total |
Balance, Shares at Dec. 31, 2014 | 33,179,000 | 42,298,000 | ||||||
Balance at Dec. 31, 2014 | $ 332 | $ 423 | $ 353,706 | $ 3,228 | $ (151,828) | $ 205,861 | ||
Net income | 24,144 | 24,144 | ||||||
Other comprehensive loss | (217) | (217) | ||||||
Stock issuances, net, Shares | 427,000 | |||||||
Stock issuances, net | $ 4 | (1,793) | (1,789) | |||||
Conversion of Class B common stock by shareholder, Shares | 609,000 | (609,000) | ||||||
Conversion of Class B common stock by shareholder | $ 6 | $ (6) | ||||||
Tax effect from stock-based payment arrangements | 431 | 431 | ||||||
Cash dividends declared | 67 | (36,412) | (36,345) | |||||
Stock-based compensation | 17,232 | 17,232 | ||||||
Balance, Shares at Dec. 31, 2015 | 34,215,000 | 41,689,000 | ||||||
Balance at Dec. 31, 2015 | $ 342 | $ 417 | 369,643 | 3,011 | (164,096) | 209,317 | ||
Net income | 33,841 | 33,841 | ||||||
Other comprehensive loss | (116) | (116) | ||||||
Stock issuances, net, Shares | 500,000 | |||||||
Stock issuances, net | $ 5 | (4,152) | (4,147) | |||||
Conversion of Class B common stock by shareholder, Shares | 3,740,000 | (3,740,000) | ||||||
Conversion of Class B common stock by shareholder | $ 38 | $ (38) | ||||||
Debt discount on convertible debt, net (See Note 11) | 33,060 | 33,060 | ||||||
Purchase of convertible note hedge (See Note 11) | (34,100) | (34,100) | ||||||
Proceeds from issuance of warrants (See Note 11) | 19,460 | 19,460 | ||||||
Tax effect from stock-based payment arrangements | 893 | 893 | ||||||
Cash dividends declared | 484 | (37,048) | (36,564) | |||||
Stock-based compensation | 18,099 | 18,099 | ||||||
Balance, Shares at Dec. 31, 2016 | 38,455,000 | 37,949,000 | 38,455,266 | 37,949,438 | ||||
Balance at Dec. 31, 2016 | $ 385 | $ 379 | 403,387 | 2,895 | (167,303) | 239,743 | ||
Net income | 32,640 | 32,640 | ||||||
Other comprehensive loss | (524) | (524) | ||||||
Stock issuances, net, Shares | 703,000 | |||||||
Stock issuances, net | $ 7 | (7,593) | (7,586) | |||||
Conversion of Class B common stock by shareholder, Shares | 3,340,000 | (3,340,000) | ||||||
Conversion of Class B common stock by shareholder | $ 33 | $ (33) | ||||||
Debt discount on convertible debt, net (See Note 11) | 2,487 | 2,487 | ||||||
Purchase of convertible note hedge (See Note 11) | (2,558) | (2,558) | ||||||
Proceeds from issuance of warrants (See Note 11) | 1,460 | 1,460 | ||||||
Cash dividends declared | 874 | (37,728) | (36,854) | |||||
Stock-based compensation | 24,151 | 24,151 | ||||||
Balance, Shares at Dec. 31, 2017 | 42,498,000 | 34,609,000 | 42,498,452 | 34,609,438 | ||||
Balance at Dec. 31, 2017 | $ 425 | $ 346 | $ 422,208 | $ 2,371 | $ (172,391) | $ 252,959 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES: | |||
Net income | $ 32,640 | $ 33,841 | $ 24,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization and impairments of feature film production assets | 17,377 | 6,662 | 3,891 |
Amortization of television production assets | 21,137 | 26,933 | 30,591 |
Depreciation and amortization | 32,030 | 29,396 | 26,630 |
Loss on abandonment | 7,125 | ||
Services provided in exchange for equity instruments | (2,720) | (2,893) | (2,430) |
Other amortization | 6,759 | 2,403 | 2,135 |
Stock-based compensation | 24,151 | 18,099 | 17,232 |
Provision for (benefit from) deferred income taxes | 13,572 | 12,153 | (9,674) |
Other non-cash adjustments | 1,003 | (1,463) | (116) |
Cash (used in) provided by changes in operating assets and liabilities: | |||
Accounts receivable | (12,507) | 5,459 | (19,147) |
Inventory | (1,801) | (364) | (1,432) |
Prepaid expenses and other assets | 131 | (15,474) | (3,480) |
Feature film production assets | (12,540) | (6,629) | (3,812) |
Television production assets | (15,921) | (28,025) | (36,175) |
Accounts payable, accrued expenses and other liabilities | 8,112 | (1,041) | 12,689 |
Deferred income | (14,835) | (16,892) | 4,238 |
Net cash provided by operating activities | 96,588 | 62,165 | 52,409 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment and other assets | (24,710) | (29,904) | (20,010) |
Purchases of short-term investments | (142,373) | (21,624) | |
Proceeds from sales and maturities of investments | 35,660 | 8,065 | 24,125 |
Purchase of equity securities | (2,316) | (2,250) | (1,210) |
Net cash used in investing activities | (133,739) | (24,089) | (18,719) |
FINANCING ACTIVITIES: | |||
Repayment of debt | (7,504) | (14,441) | (4,345) |
Dividends paid | (36,854) | (36,564) | (36,345) |
Debt issuance costs | (702) | (850) | |
Proceeds from borrowings under credit facilities | 1,383 | 11,583 | |
Proceeds from borrowings on convertible notes, net of issuance costs | 14,534 | 193,899 | |
Proceeds from issuance of warrants | 1,460 | 19,460 | |
Purchase of convertible note hedge | (2,558) | (34,100) | |
Taxes paid related to net settlement upon vesting of equity awards | (9,164) | (5,544) | (2,855) |
Proceeds from issuance of stock | 1,578 | 1,397 | 1,066 |
Excess tax benefits from stock-based payment arrangements | 893 | 431 | |
Net cash (used in) provided by financing activities | (37,125) | 135,881 | (42,898) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (74,276) | 173,957 | (9,208) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 211,976 | 38,019 | 47,227 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 137,700 | 211,976 | 38,019 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for income taxes, net of refunds | 14,590 | 12,475 | 21,698 |
Cash paid for interest | 9,312 | 1,580 | 1,395 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Purchases of property and equipment recorded in accounts payable and accrued expenses (See Note 9) | $ 2,334 | 2,940 | 1,096 |
Mortgage assumption (See Note 10) | $ 23,000 | ||
Purchase of investment securities (See Note 4) | $ 13,800 |
Basis Of Presentation And Busin
Basis Of Presentation And Business Description | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation And Business Description [Abstract] | |
Basis Of Presentation And Business Description | 1. Basis of Presentation and Business Description The accompanying consolidated financial statements include the accounts of WWE. “WWE” refers to World Wrestling Entertainment, Inc. and its subsidiaries, unless the context otherwise requires. References to “we,” “us,” “our” and the “Company” r efer to WWE . Certain reclassifications have been made to the Consolidated Statements of Cash Flows in the prior year periods presented to conform to the current year presentation pursuant to our adoption of a new accounting standard as of January 1, 2017 related to share-based payment award accounting simplifications. See Note 2, Significant Accounting Policies – Recent Accounting Pronouncements , for further details. We are an integrated media and entertainment company, principally engaged in the production and distribution of content through various channels , including our premium over-the-top WWE Network, television rights agreements, pay-per-view event programming, live events, feature films, licensing of various WWE themed products , and the sale of consumer products featuring our brands. Our operations are organized around the following four principal activities: Media Division : Network · Revenues consist principally of subscriptions to WWE Network, fees for viewing our pay-per-view programming and advertising fees. Television · Revenues consist principally of television rights fees and advertising. Home Entertainment · Revenues consist principally of sales of WWE produced content via home entertainment platforms, including DVD, Blu-Ray, and subscription and transactional on-demand outlets. Digital Media · Revenues consist principally of advertising sales on our websites and third - party websites including YouTube, and sales of various broadband and mobile content. Live Events : · Revenues consist principally of ticket sales and travel packages for live events. Consumer Products Division : Licensing · Revenues consist principally of royalties or license fees related to various WWE themed products such as video games, toys , and apparel. Venue Merchandise · Revenues consist of sales of merchandise at our live events. WWEShop · Revenues consist of sales of merchandise on our website s, including through our WWEShop I nternet storefront and on distribution platforms, including Amazon . WWE Studios : · Revenues consist of amounts earned from investing in , producing , and/or distributing filmed entertainment . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported am ounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenue s and expenses during the reporting period s . Actual results could differ from those estimates. Basis of Consolidation — The consolidated financial statements include the accounts of WWE and all of its domes tic and foreign subsidiaries. Included in Corporate and Other are intersegment eliminations recorded in consolidation. All intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents — Cash and cash equivalents include cash on deposit in overnight deposit accounts , investments in Treasury bills and investments in money market accounts with original maturities of three months or less at the time of purchase. Short-term Investments, Net — We classify all of our short-term investments as available-for-sale securities. Such investments consist of U.S. Treasury securities, corporate and municipal bonds, including pr e-refunded municipal bonds, and government agency bonds. T hese investments are stated at fair value, with unrealized gains and losses on such securities reflected, net of tax, as other comprehensive income (loss) in stockholders’ equity. Realized gains and losses on investments are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Accounts Receivable, Net — Accounts receivable relate principally to amounts due to us from distributors of our WWE Network, pay-per-view providers and television networks for pay-per-view presentations and television programming, respectively, and balances due from the sale of home videos, as well as from licensees that produce consumer products containing our intellectual property and/or trademarks. We estimate the collectability of our receivables and establish allowances for the amount of accounts receivable that we estimate to be uncollectible. We base these allowances on our historical collection experience, the length of time our accounts receivable are outstanding and the financial condition of individual customers. An individual balance is charged to the allowance when all collection efforts have been exhausted and it is deemed likely to be uncollectible, taking into consideration the financial condition of the customer and other factors. Inventory — Inventory consists of merchandise sold on our website s and on distribution platforms, including Amazon , merchandise so ld at live events and DVDs/Blu-R ays, which are sold via a distributor to retailers. Substantially all of our inventory is comprised of finished goods. Inventory is stated at the lower of cost and net realizable value . The valuation of our inventories requires management to make market estimates assessing the quantities and the prices at which we believe the inventory can be sold. Property and Equipment, Net — Property and equipment are stated at historical cost net of benefits associated with tax incentives less accumulated depreciation and amortization. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the life of the lease, whichever is shorter. Vehicles and equipment are depreciated based on estimated useful lives varying from three to five years. Buildings and related improvements are depreciated based on estimated useful lives varying from five to thirty-nine years. Our corporate aircraft is depreciated over ten years on a straight-line basis less an estimated residual value. Feature Film Production Assets, Net — Feature film production assets are recorded at the cost of production, including production overhead and net of production incentives. The costs for an individual film are amortized in the proportion that revenues bear to management’s estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Unamortized feature film production assets are evaluated for impairment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenues and/or costs are revised and indicate a significant decline in a film’s profitability or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized film costs, we calculate the film's estimated fair value using a discounted cash flows model. If fair value is less than the unamortized cost, the film is written down to fair value. Impairment charges are recorded as an increase in amortization expense included in cost of revenues in the Consolidated Statements of Operations. Our estimate of ultimate revenues for feature films includes revenues from all sources for ten years from the date of a film’s initial release. We estimate the ultimate revenues based on industry and Company specific trends, the historical performance of similar films, the star power of the lead actors, and the genre of the film. Prior to the release of a feature film and throughout its life, we revise our estimates of revenues based on expected future results, actual results and other known factors affecting the various distribution markets. Television Production Assets, Net — Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms including on our WWE Network. Amounts capitalized include development costs, production costs , production overhead and employee salaries . Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Costs to produce our live event programming are expensed when the event is first broadcast and are not included in the capitalized costs or in the related amortization . Unamortized television production assets are evaluated for imp airment each reporting period. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that a program will not likely air, we expense the remaining unamortized asset. Valuation of Long-Lived Assets — We periodically evaluate the carrying amount of long-lived assets for impairment when events and circumstances warrant such a review. Investment Securities — We maintain investments accounted for under the cost method of accounting and under the equity method of accounting. Our cost method investments are carried at cost and adjusted for other-than-temporary declines in fair value . Our equity method investment relates to a joint venture with Authentic Brands Group (“ABG”) in an apparel and lifestyle brand, Tapout LLC (“Tapout”). Under the equity method of accounting, to the extent that Tapout records income or losses, we record our share proportionate to our ownership percentage of 50% , and any dividends received reduce the carrying amount of the investment. Our share of the income or losses in Tapout is included as a component of Investment income, net, in the Consolidated Statements of Operations , and is also included, net of cash dividends received in Equity in earnings of affiliate, net of dividends received, in the Consolidated Statements of Cash Flows. We evaluate our investments for impairment annually, and when factors indicate that a significant decrease in value has occurred. Variables considered in making such assessments may include near-term prospects of the investees, subsequent rounds of financing activities of the investees, and the investees’ capital structure as well as other economic variables, which reflect assumptions market participants m ay use in pricing these assets. If an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. We record these other-than-temporary impairment charges in Loss on equity investments in the Consolidated Statements of Operations. Beginning in 2018, we will adopt new accounting rules that will change the way we account for our equity investments without readily determinable fair values (i.e. our existing cost method investments). Under the amended rules, the cost method of accounting is eliminated. Companies have the option to either measure equity investments without readily determinable fair values at fair value or at cost adjusted for changes in observable prices minus impairment. We have elected to measure equity investments without readily determinable fair value at cost adjusted for changes in observable prices minus impairment, which will be recognized in net income. These equity investments will be periodically assessed qualitatively for impairment. When a qualitative assessment indicates that impairment exists, we will measure the investment at fair value. Refer to the discussion in Recent Accounting Pronouncements below for further details. Income Taxes — Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the consolidated financial statements. Amounts are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carry forwards, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes, conversely, if we determine we might not be able to realize our deferred tax assets we would record a valuation allowa nce which would result in a char ge to the provision for income taxes. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate tax positions taken or expected to be taken in a tax return by assessing whether they are more likely than not sustainable, based solely on their technical merits, upon examination, and including resolution of any related appeals or litigation process. The second step is to measure the associated tax benefit of each position, as the largest amount that we believe is more likely than not realizable. Differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements represent our unrecognized income tax benefits, which we record as a liability. Our policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. Revenue Recognition — Revenues are generally recognized when products are shipped or as services are performed. However, due to the nature of several of our business lines, there are additional steps in the revenue recognition process, as described below. We plan on adopting the new revenue recognition rules starting in fiscal year 2018. Refer to the Recent Accounting Pronouncements section below for a further discussion. · WWE Network Subscriptions: Revenues are recognized ratably over each paid monthly membership period. Deferred revenue consists of subscription fees billed to members that have not been recognized and gift memberships that have not been redeemed. · Pay-per-view programming: Revenues from our pay-per-view programming are recorded when the event is aired and are based upon our initial estimate of the number of buys achieved. This initial estimate is based on preliminary buy information received from our pay-per-view distributors. Final reconciliation of the pay-per-view buys generally occurs within one year and any subsequent adjustments to the buys are recognized in the period new information is received. · Sponsorships: Through our sponsorship packages, we offer advertisers a full range of our promotional vehicles, including online and print advertising, on-air announcements and special appearances by our Superstars. We allocate revenue to all deliverables contained within a sponsorship arrangement based upon their relative selling price. In most instances, we determine relative selling price used for allocating revenue to a specific deliverable using vendor specific objective evidence ("VSOE"). VSOE is the selling price that a vendor charges when it sells similar products or services on a stand-alone basis. After allocating revenue to each deliverable, we recognize revenue from our sponsorship arrangements when each element is delivered. · Licensing: Revenues from our licensed products are recognized upon receipt of reports from the individual licensees that detail the royalties generated by related product sales. If we receive licensing advances, such payments are recorded as deferred revenue and are recognized as income when earned. · Home entertainment: Revenues from the sales of home video titles are recorded net of an allowance for estimated returns, at the later of delivery by our distributor to retailers, or the date that these products are made widely available for sale by retailers. The allowance for estimated returns is based on historical information, current industry trends and demand for our titles. · TV rights: Rights fees received from distributors of our television programming, both domestically and internationally, are recorded when the program has been delivered to the distributor and is available for exhibition. Our typical distribution agreement is between one and five years in length and frequently provides for contractual increases over its term. Expenses incurred in the production of our weekly television programming are expensed when the programming is first available for exhibition. As of December 31, 2017 and 2016, we have $21,475 and $34,375 , respectively, related to an advance payment associated with our domestic television rights deal , which is included as a component of deferred income and non-current deferred income within our Consolidated Balance Sheets . · Films: Revenue recognition for our feature films varies depending on the method of distribution and the extent of control the Company exercises over the distribution and related expenses. We exercise significant control over our self-distributed films and as a result, we record distribution revenue and related expenses on a gross basis in our financial statements. Third-party distribution partners control the distribution and marketing of our co-distributed films, and as a result, we recognize revenue on a net basis after the third-party distributor recoups distribution fees and expenses and results are reported to us. This typically occurs in periods subsequent to the initial release of the film. In certain arrangements, where worldwide film rights and interests are sold to third-party distribution partners, we recognize revenue upon delivery of the completed film to the third-party. Revenues generated from our films through the various distribution channels, including home video, video-on-demand and television are recognized consistent with the policies described above. Cost of Revenues — Included within cost of revenues is the amortization and impairment of feature film and television production assets. Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms, including on our WWE Network. We amortize feature film production assets based on the estimated future cash flows. Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Unamortized feature film and television production assets are evaluated for impairment each reporting period. Cost of revenues also includes the amortization of costs related to content delivery and technology assets utilized for our WWE Network. These costs are amortized on a straight - line basis over the shorter of the expected useful life or the term of the respective service agreement. Program amortization for WWE Network is included in cost of revenues as a component of amortization of television production assets. For episodic programming debuting and currently expected to air exclusively on WWE Network, the cost of the programming is expensed upon initial release, as our expectation is that the vast majority of viewership will occur in close proximity to the initial release. Included within Cost of revenues are the following: Year Ended December 31, 2017 2016 2015 Amortization and impairment of feature film assets $ 17,377 $ 6,662 $ 3,891 Amortization of television production assets 21,137 26,933 30,591 Amortization of WWE Network content delivery and technology assets 5,970 4,832 3,870 Total amortization and impairment included in cost of revenues $ 44,484 $ 38,427 $ 38,352 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the amortization table noted above. Film and Television Production Incentives — The Company has access to various governmental programs that are designed to promote film and television production within the United States and certain international jurisdictions. Tax credits earned with respect to expenditures on qualifying film, television and other production activities, including qualifying capital projects, are included as an offset to the related asset or as an offset to production expenses when we have reasonable assurance regarding the realizable amount of the tax credits. Advertising Expense — Advertising costs are expensed as incurred, except for costs related to the development of a major commercial or media campaign , which are expensed in the period in which the commercial or campaign is first presented. For the years ended December 31, 2017 , 2016 and 2015 , we recorded advertising expenses of $23,629 , $22,122 and $25,260 , respectively. Foreign Currency Translation — For the translation of the financial statements of our foreign subsidiaries whose functional currencies are not U.S. Dollars, assets and liabilities are translated at the year-end exchange rate, and income statement accounts are translated at monthly average exchange rates for the year. The resulting translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity and also in comprehensive income. Foreign currency transactions are recorded at the exchange rate prevailing at the transaction date, with any gains/losses recorded in other income/expense. Stock-Based Compensation — Equity awards are granted to directors, officers and employees of the Company. Stock-based compensation costs associated with our restricted stock units ("RSUs") are determined using the fair market value of the Company's common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs have a service requirement typically over a three and one-half year vesting schedule and vest in equal annual installments. Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. Stock-based compensation costs associated with our performance stock units ("PSUs") are initially determined using the fair market value of the Company's common stock on the date the awards are approved by our Compensation Committee (service inception date). The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically three and one half years. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are re-measured each reporting period based upon the fair market value of the Company's common stock and the estimated performance attainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Stock compensation costs for our PSUs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying PSUs. We estimate forfeitures, based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Beginning in 2017, we adopt ed new accounting rules related to simplifying the accounting for our share-based compensation awards. The new rules require entities to record all excess tax benefits or deficiencies as income tax benefit or expense in the income statement, rather than as a component of additional paid-in capital, and require s entities to classify excess tax benefits as an operating activity in the statement of cash flows. In addition, the amounts paid to satisfy the statutory income tax withholding obligation, which prior to adoption was classif ied in operating activities on the cash flow statement, are now classified as a financing activity in the Consolidated S tatement s of Cash F lows. Refer to the discussion in Recent Accounting Pronouncements below for further details. Earnings Per Share (EPS) — Basic EPS is calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average common shares outstanding during the period, plus dilutive potential common shares which is calculated using the treasury-stock method. Under the treasury-stock method, potential common shares are excluded from the computation of EPS in periods in which they have an anti-dilutive effect. Net income per share of Class A and Class B common stock is computed in accordance with a two-class method of earnings allocation. As such, any undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of cash dividends that each class is entitled to receive. The Company did not compute earnings per share using the two-class method for the years ended December 31, 2017 , 2016 and 2015 , as there were no undistributed earnings during the periods. Also, during 2017 , 2016 and 2015 , the dividends declared and paid per share of Class A and Class B common stock were the same. Recent Accounting Pronouncement s In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “ Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting , ” which provides guidance on the various types of changes which would trigger modification accounting for share-based payment awards. In summary, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which for the Company will be effective for the fiscal year beginning January 1, 2018. The amendments are to be applied prospectively to an award modified on or after the adoption date, consequently the impact will be dependent on whether the Company modifies any of its share-based payment awards and the nature of such modifications. In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-01, “ Business Combinations (Topic 805) Clarifying the Definition of a Business ” . The amendments in this ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, which for the Company will be effective for the fiscal year beginning January 1, 2018. Since the new standard is applied prospectively and no disclosures are required at transition, the adoption of this new standard will not have an impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ,” which addresses eight specific cash flow issues and is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, which for the Company will be effective for the fiscal year beginning January 1, 2018. The amendments in the ASU should be applied using a retrospective transition method to each period presented. The Company does not expect that the adoption of this new standard will have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting .” This update simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update contains various amendments, each requiring a specific method of adoption, and designates whether each amendment should be adopted using a retrospective, modified retrospective, or prospective transition method. The new guidance was adopted on January 1, 2017. The impact of adoption of the update is summarized below: · All excess tax benefits and deficiencies that result from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes related to our share-based payment awards will be recognized as income tax benefit or expense in the income statement instead of as an adjustment to additional paid-in capital. In addition, excess tax benefits are no longer included in the calculation of diluted shares outstanding for purposes computing diluted earnings per share under the treasury stock method. The transition guidance related to these changes has been adopted by the Company on a prospective basis. During 2017, we recorded $1,604 of excess tax benefits related to the vesting of our share-based awards. Prior to adoption, this amount was recorded in additional paid-in capital. This change reduced the Company’s effective tax rate from 52% to 49% for 2017. · An entity is now required to recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Under the required modified retrospective transition, the Company had no cumulative-effect adjustment to retained earnings at January 1, 2017, as the Company had no previously unrecognized excess tax benefits. · Excess tax benefits will be classified along with other income tax cash flows as an operating activity on the statement of cash flows. Prior to the update, excess tax benefits were separated from other income tax cash flows and classified as a financing activity. In fiscal year 2016 and 2015, excess tax benefits of $893 and $431 , respectively, were recorded as part of financing cash inflows. The Company adopted these changes on a prospective basis. · Cash paid by an employer when directly withholding shares for tax-withholding purposes upon vesting of a share-based payment award are now classified as a financing activity on the statement of cash flows rather than as operating cash outflows. This amendment has been adopted by the Company on a retrospective basis. As a result of the retrospective adoption of this amendment, cash outflows of $5,544 and $2,855 were reclassified in the accompanying Consolidated Statements of Cash Flows from "Changes in accounts payable, accrued expenses and other liabilities" to "Taxes paid related to net settlement upon vesting of equity awards " for 2016 and 2015, respectively. · The threshold to qualify for equity classification of a share-based payment award would now permit withholding up to a maximum individual statutory tax rate in the applicable jurisdictions. The Company had no share-based payment awards receiving liability treatment under the prior rules. Therefore, the change from minimum up to a maximum statutory rate on tax withholdings had no impact on our consolidated financial statements and no cumulative effect adjustment was required. · The Company has elected to continue its current policy of estimating forfeitures rather than recognizing forfeitures when they occur. In March 2016, the FASB issued ASU No. 2016-07, “ Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ”. The amendments eliminate the requirement to retroactively adopt the equity method of accounting when a change in ownership occurs. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investment and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. This new guidance was adopted on January 1, 2017 with no impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842) ,” which will supersede the existing guidance for lease accounting. This new standard will require lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The new standard requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, which for the Company will be effective for the fiscal year beginning January 1, 2019. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. While we are evaluating the impact that the new guidance will have on our consolidated financial statements, we currently expect a gross-up of our consolidated balance sheet as a result of recognizing right of use assets and lease liabilities. The exte |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. Earnings Per Share For purposes of calculating basic and diluted earnings per share, we used the following weighted average common shares outstanding (in thousands): Year Ended December 31, 2017 2016 2015 Net income $ 32,640 $ 33,841 $ 24,144 Weighted average basic common shares outstanding 76,743 76,149 75,696 Dilutive effect of restricted and performance stock units 1,721 1,385 634 Dilutive effect of employee share purchase plan 7 5 3 Weighted average dilutive common shares outstanding 78,471 77,539 76,333 Earnings per share: Basic $ 0.43 $ 0.44 $ 0.32 Diluted $ 0.42 $ 0.44 $ 0.32 Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — — — Effect of Convertible Notes and Related Convertible Note Hedge and Warrants I n connection with the issuance of the Convertible Notes, the Company entered into Convertible Note Hedge and Warrant transactions as described further in Note 11, Convertible Debt . The collective impact of the Convertible Note Hedge and Warrants effectively eliminates any economic dilution that may occur from the actual conversion of the Convertible Notes between the conversion price of $24.91 per share and the strike price of the Warrants of $31.89 per share. For purposes of calculating diluted earnings per share, prior to conversion, we will include in the denominator of our diluted earnings per share calculation, the effect of any additional shares that may be issued if our common stock price exceeds $24.91 per share using the treasury stock method. In addition, if the average price of our common stock exceeds the strike price of the Warrants of $31.89 per share, we will also include the effect of the additional potential shares that may be issued related to the Warrants using the treasury stock method. Prior to actual conversion, the Convertible Note Hedges are not considered for purposes of the calculation of diluted earnings per share, as their effect would be anti-dilutive. The convertible notes due 2023 had no impact on diluted earnings per share for the years ending December 31, 2017 and 2016 since the average price of our common stock did not exceed the conversion price of $24.91 per share during those periods. |
Investment Securities And Short
Investment Securities And Short-Term Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investment Securities And Short-Term Investments [Abstract] | |
Investment Securities And Short-Term Investments | 4. Investment Securities and Short-Term Investments Investment Securities Included within Investment Securities are the following: As of December 31, 2017 2016 Equity method investment $ 14,664 $ 14,592 Cost method investments 12,703 10,365 Total investment securities $ 27,367 $ 24,957 Equity Method Investment In March 2015, WWE and ABG formed a joint venture to re-launch an apparel and lifestyle brand, Tapout (the "Brand"). ABG agreed to contribute certain intangible assets for the Brand, licensing contracts, systems, and other administrative functions to Tapout. The Company agreed to contribute promotional and marketing services related to the venture for a period of at least five years in exchange for a 50% interest in the profits and losses and voting interest in Tapout. The Company valued its initial investment of $13,800 based on the fair value of the existing licensing contracts contributed by ABG. To the extent that Tapout records income or losses, we record our share proportionate to our ownership percentage, and any dividends received reduce the carrying amount of the investment. Net equity method earnings from Tapout are included as a component of Investment income, net on the Consolidated Statements of Operations. Net dividends received from Tapout are reflected on the Consolidated Statements of Cash Flows within Net cash provided by operating activities. The Company did not record any impairment charges related to our investment in Tapout during the years ended December 31, 2017 and 2016 . The following table presents the net equity method earnings from Tapout and net dividends received from Tapout for the periods presented: Year Ended December 31, 2017 2016 2015 Net equity method earnings from Tapout $ 1,141 $ 1,619 $ 994 Net dividends received from Tapout (1,084) (1,190) (941) Equity in earnings of affiliate, net of dividends received $ 57 $ 429 $ 53 As promotional services are provided to Tapout, we record revenue and reduce the existing service obligation. During the year s ended December 31, 2017 , 2016 and 2015 , we recorded revenues of $2,720 , $2,893 and $2,430 , respectively , related to our fulfillment of our promotional services obligation to Tapout. The remaining service obligation as of December 31, 2017 was $5,757 , and was included in Deferred Income and Non-Current Deferred Income for $2,760 and $2,997 , respectively. Our known maximum exposure to loss approximates the remaining service obligation to Tapout, which was $5,757 as of December 31, 2017 . Creditors of Tapout do not have recourse against the general credit of the Company. Cost Method Investments During the year ended December 31, 2017 , we invested $2,000 in a competitive e-sports company and $100 in a drone racing sports company. In 2017, we also made an additional investment of $200 in a virtual reality platform operator. During the year ended December 31, 2016 , we invested $1,000 in a fantasy sports content provider, $1,000 in a subscription-based sports media company and $250 in a virtual reality platform operator. We evaluate our cost method investments for impairment if factors indicate that a significant decrease in value has occurred. The Company did not record any impairment charges on our cost method investments during the years ended December 31, 2017 , 2016 and 2015 . Short-Term Investments Short-term investments measured at fair value consisted of the following: December 31, 2017 December 31, 2016 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value U.S. Treasury securities $ 73,169 $ — $ (479) $ 72,690 $ — $ — $ — $ — Corporate bonds 58,003 — (329) 57,674 40,183 9 (58) 40,134 Municipal bonds 17,538 7 (99) 17,446 15,075 — (45) 15,030 Government agency bonds 12,007 — (73) 11,934 — — — — Total $ 160,717 $ 7 $ (980) $ 159,744 $ 55,258 $ 9 $ (103) $ 55,164 We classify the investments listed in the above table as available-for-sale securities. Such investments consist of U.S. Treasury securities, corporate bonds, municipal bonds, including pre-refunded municipal bonds , and government agency bonds. These investments are stated at fair value as required by the applicable accounting guidance. Unrealized gains and losses on such securities are reflected, net of tax, as other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income . Our U.S. Treasury securities, corporate bonds, municipa l bonds and government agency bonds are included in Short-term investments, net on our Consolidated Balance Sheets. Realized gains and losses on investments are included in earnings and are derived using the specific identification method for determining the cost of securities sold. As of December 31, 2017 , contractual maturities of these securities are as follows: Maturities U.S. Treasury securities 1 month - 3 years Corporate bonds 1 month - 5 years Municipal bonds 1 month - 2 years Government agency bonds 2 months - 4 years The following table summarizes the short-term investment activity: Year Ended December 31, 2017 2016 2015 Proceeds from maturities and calls of short-term investments $ 35,660 $ 8,065 $ 24,125 Purchases of short-term investments $ 142,373 $ — $ 21,624 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 5. Fair Value Measurement Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure ment based on assumptions that market participants would use to price the asset or liability. Accordingly, the framework considers markets or observable inputs as the preferred source of value followed by assumptions based on hypothetical transactions, in the absence of market inputs. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of assets and liabilities should include consi deration of non-performance risk, including the Company’s own credit risk. Additionally, the accounting guidance establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument's level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are summarized as follows: Level 1- Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2- Inputs other than quoted prices in active markets for similar assets and liabilities that are directly or indirectly observable ; or Level 3- U nobservable inputs, such as discounted cash flow models or valuations , in which little or no market data exists. The following assets are required to be measured at fair value on a recurring basis and the classification within the hierarchy was as follows: Fair Value at December 31, 2017 Fair Value at December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 72,690 $ — $ 72,690 $ — $ — $ — $ — $ — Corporate bonds 57,674 — 57,674 — 40,134 — 40,134 — Municipal bonds 17,446 — 17,446 — 15,030 — 15,030 — Government agency bonds 11,934 — 11,934 — — — — — Total $ 159,744 $ — $ 159,744 $ — $ 55,164 $ — $ 55,164 $ — Certain financial instruments are carried at cost on the Consolidated Balance Sheets, which approximates fair value due to their short-term, highly liquid nature. The carrying amounts of cash and cash equivalents, money market accounts, accounts receivable and accounts payable approximate fair value because of the short-term nature of such instruments. We have classified our investments in U.S. Treasury securities, corporate bonds, munic ipal bonds and government agency bonds within Level 2 as their valuation requires quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and/or model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data. The U.S. Treasury securities, corporate bonds, municipal bonds and government agency bonds are valued based on model-driven valuations. A third - party service provider assists the Company with compiling market prices from a variety of industry standard data sources, security master files from large financial institutions and other third-party sources that are used to value our U.S. Treasury securities, corporate bonds, municipal bonds and government agency bond investments. The Company did not have any transfers between Level 1, Level 2 and Level 3 fair value investments during the periods presented. The fair value measurements of our cost method investments are classified within Level 3 as significant unobservable inputs are used to fair value these assets due to the absence of quoted market prices and inherent lack of liquidity. Significant unobservable inputs include variables such as near-term prospects of the investees, subsequent financing activities of the investees, and the investees’ capital structure as well as other economic variables, which reflect assumptions market participants would use in pricing these assets. Our investments are recorded at fair value only if an impairment charge is recognized. The Company did not record any impairment charge on these assets during the years ende d December 31, 2017, 2016 and 2015. The Company's long lived property and equipment, feature film and television production assets are required to be measured at fair value on a non-recurring basis if it is determined that indicators of impairment exist. These assets are recorded at fair value only when an impairment is recognized. During the year ended December 31, 2015, the Company recorded a non-cash abandonment charge of $7,125 to write-off the carrying value of costs related to a media center expansion project. See Note 6, Property and Equipment , for further discussion. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded impairment charges of $5,472 , $823 and $490 on feature film production assets based upon fair value measurements of $4,347 , $1,354 , and $1,430 , respectively. See Note 7, Feature Film Production Assets , for further discussion. The Company classifies these fair values as Level 3 within the fair value hierarchy due to significant unobservable inputs. The Company utilizes a discounted cash flows model to determine the fair value of these impaired films where indicators of impairment exist. The significant unobservable inputs to this model are the Company’s expected cash flows for the film, including projected home vid eo sales, pay and free TV sales and international sales, and a discount rate of 13% that we estimate market participants would seek for bearing the risk associated with such assets. The Company utilizes an independent third party valuation specialist who assists us in gathering the necessary inputs used in our model. The fair value of the Company's long-term debt, consisting of a mortgage loan assumed in connection with a building purchase and a promissory note secured by the Company’s Corporate Jet , is estimated based upon quoted price estimates for similar debt arrangements. At December 31, 2017 , the face amount of the mortgage loan and promissory note approximates their fair value. The convertible debt is not marked to fair value at the end of each reporting period, but instead is reported at amortized cost. As of December 31, 2017 , the calculation of the fair value of the debt component of the Company’s convertible debt required the use of Level 3 inputs, and was determined by calculating the fair value of similar debt without the associated conversion feature based on market conditions at that time: December 31, 2017 December 31, 2016 Fair Value Carrying Value (1) Fair Value Carrying Value Convertible senior notes $ 182,661 $ 182,783 $ 166,702 $ 166,050 (1) The carrying value of the debt instrument presented in the table above represents the face value of the convertible note less unamortized debt discount. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Property And Equipment | 6. Property and Equipment Property and equipment consisted of the following: As of December 31, 2017 2016 Land, buildings and improvements $ 134,052 $ 130,330 Equipment 98,245 136,114 Corporate aircraft 31,277 31,277 Vehicles 905 244 264,479 297,965 Less accumulated depreciation and amortization (133,154) (165,334) Total $ 131,325 $ 132,631 Depreciation expense for property and equipment totaled $24,680 , $23,195 and $21,107 for the years ended December 31, 2017 , 2016 and 2015 , respectively. During the year ended December 31, 2017, the Company retired assets, primarily television production equipment, that were no longer in use and reduced property and equipment cost by $57,255 , with a corresponding reduction to accumulated depreciation of $56,896 . In September 2016 , the Company acquired, through WWE Real Estate Holdings, LLC a wholly-owned special purpose subsidiary (“WWE Real Estate”), a building and underlying real property located in Stamford, Connecticut (the “Purchased Property”) from one of the debtors in the Chapter 11 bankruptcy proceedings of Newbury Common Associates, LLC and certain of its affiliates. In connection with the acquisition, WWE Real Estate assumed the seller’s interests as landlord under several existing leases of the Purchased Property, including the landlord’s interest in leases under which the Company is a tenant. Since the assets of WWE Real Estate represent collateral for the underlying mortgage, these assets are not available to satisfy debts and obligations to any other creditors of the Company. As of December 31, 2017 and 2016 , costs of $23,832 and $24,074 , respectively , are reflected in Land, buildings and improvements, which is a component of Property and equipment, net on the Consolidated Balance Sheet. Depreciation on the Purchased Property is computed on a straight-line basis over the estimated useful lives of the Purchased Property in accordance with the Company’s existing accounting policy for property and equipment. During the year ended December 31, 2015, the Company reevaluated its plans to develop an improved and expanded media center at the location of our existing prod uction facility. T he Company made the determination that these plans would not be viable and deemed them abandoned; accordingly, we recorded a non-cash abandonment charge of $7,125 to write-off the carrying value of these costs, which is disclosed as Loss on abandonment on the Consolidated Statements of Operations and is included in our Corporate and Other segment results. |
Feature Film Production Assets,
Feature Film Production Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Feature Film Production Assets, Net [Abstract] | |
Feature Film Production Assets, Net | 7. Feature Film Production Assets, Net Feature film production assets consisted of the following: As of December 31, 2017 2016 In release $ 15,869 $ 13,892 Completed but not released 2,211 8,881 In production 3,107 3,387 In development 1,113 977 Total $ 22,300 $ 27,137 Approximately 34% of “In release” film production assets are estimated to be amortized over the next 12 months and approximately 69% of “In release” film production assets are estimated to be amortized over the next three years. We anticipate amortizing 80% of our "In release" film production assets within four years as we receive revenues associated with television distribution of our licensed films. During the years ended December 31, 2017 , 2016 and 2015 , we amortized $11,748 , $5,720 and $3,401 , respectively, of feature film production assets. During these periods, our films were released under a co-distribution model. Under the co-distribution model, t hird-party distribution partners control the distribution and marketing of co-distributed films, and as a result, we recognize revenue on a net basis after the third-party distribution partners recoup distribution fees and expenses and results are reported to us. Results are typically reported to us in periods subsequent to the initial release of the film. In certain arrangements, where worldwide film rights and interests are sold to third-party distribution partners, we recognize revenue upon delivery of the completed film to the third-party. During the year ended December 31, 2017 , w e released four feature films via theatrical distribution, The Resurrection of Gavin Stone , Sleight , Armed Response and Birth of the Dragon , and five films direct to DVD, Surf’s Up 2: WaveMania , The Jetsons & WWE: Robo-Wres tleMania! , The Marine 5: Battleground, Pure Country: Pure Heart and Killing Hasselhoff . These nine films comprised $7,458 of our “In release” feature film assets as of December 31, 2017 . During the year ended December 31, 2016 , we released four feature films direct to DVD, Countdown, Scooby Doo! & WWE: Curse of the Speed Demon, Interrogation and Eliminators , and one film via theatrical distribution , Incarnate . These five films comprise d $4,130 of our "In release" feature film assets as of December 31, 2016 . We currently have one theatrical film designated as “Completed but not released” and have two films "In production ." We also have capitalized certain script development costs for various other film projects designated as “In development . ” Capitalized script development costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. Du ring the years end ed December 31, 2017 and 2016, we expensed $157 and $119 , respectively, related to previously capitalized development costs related to abandoned projects . We did not incur any comparable expenses for the year ended December 31, 2015 . Unamortized feature film production assets are evaluated for impairment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenue and/or costs are revised and indicate a significant decline in a film’s profitability or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized fil m costs, we calculate the film’s estimated fair value using a discounted cash flows model. If fair value is less than unamortized cost, the film asset is written down to fair value. We recorded impairment charges $5,472 , $823 and $490 related to our feature films during the years ended December 31, 2017 , 2016 and 2015 , respectively. These impairment charges represent the excess of the recorded net carrying value over the estimated fair value. |
Television Production Assets, N
Television Production Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Television Production Assets, Net [Abstract] | |
Television Production Assets, Net | 8. Television Production Assets, Net Television production assets consisted of the following: As of December 31, 2017 2016 In release $ 3,765 $ 12,198 In production 3,527 310 Total $ 7,292 $ 12,508 Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms , including on our WWE Network. Amounts capitalized include development costs, production costs, production overhead and employee salaries. Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Amortization of television production assets consisted of the following: For the year ended December 31, 2017 2016 2015 Television programming $ 17,399 $ 15,860 $ 21,984 WWE Network programming 3,738 11,073 8,607 Total $ 21,137 $ 26,933 $ 30,591 Costs to produce our live event programming are expensed when the event is first broadcast , and are not included in the capitalized costs or amortization tables noted above . Unamortized television production assets are evaluated for impairment each reporting period. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that a program will not likely air, we will expense the remaining unamortized asset. During the years ended December 31, 2017 , 2016 and 2015 , we did not record any impairments related to our television production assets. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 9. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: As of December 31, 2017 2016 Trade related $ 12,727 $ 10,118 Staff related 7,980 7,494 Management incentive compensation 21,556 21,542 Talent related 5,356 6,969 Accrued WWE Network related expenses 2,633 2,120 Accrued event and television production 7,929 7,031 Accrued legal and professional 5,182 1,952 Accrued purchases of property and equipment 2,334 2,940 Accrued film liability 1,993 366 Accrued other 10,048 9,828 Total $ 77,738 $ 70,360 Accrued other includes accruals for our international and licensing business activities, as well as oth er miscellaneous accruals, none of which categories individually exceeds 5% of current liabilities. The increase in accrued expenses is driven by an increase in accrued legal and professional fees primarily related to non-recurring legal matters and other contractual obligations. |
Long-Term Debt And Credit Facil
Long-Term Debt And Credit Facilities | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt And Credit Facilities [Abstract] | |
Long-Term Debt And Credit Facilities | 10. Long-Term Debt and Credit Facilities Long-Term Debt I ncluded within Long-Term Debt are the following: As of December 31, December 31, 2017 2016 Current portion of long-term debt : Film Credit Facility $ — $ 1,583 Aircraft financing 4,638 4,538 Total current portion of long-term debt 4,638 6,121 Long-term debt : Aircraft financing $ 7,958 $ 12,596 Mortgage 23,000 23,000 Total long-term debt 30,958 35,596 Total $ 35,596 $ 41,717 Mortgage I n September 2016, the Company acquired real property and assumed future obligations under a l oan a greement, dated June 8, 2015, in the principal amount of $23,000 , which loan is secured by a mortgage on the property . The loan bears interest at the rate of 4.50% per annum and requires monthly interest only payments of $86 until June 2018 and interest and principal payments of $117 per month thereafter, with a balloon payment on maturity in July 2025 . There is a significant yield maintenance premium for prepayments. Pursuant to the loan agreement , since the assets of WWE Real Estate , a subsidiary of the Company, represent collateral for the underlying mortgage, these assets will not be available to satisfy debts and obligations due to any other creditors of the Company. Aircraft Financing In August 2013, the Company entered into a $31,568 promissory note (the “ Aircraft Note”) with Citizens Asset Finance, Inc., for the purchase of a 2007 Bombardier Global 5000 aircraft and refurbishments. In August 2017, the Aircraft Note was assigned to Fifth Third Equipment Finance Company. The Aircraft Note bears interest at a rate of 2.18% per annum, is payable in monthly installments of $406 , inclusive of interest , and has a final maturity of August 7, 2020 . The Aircraft Note is secured by a first priority perfected security interest in the purchased aircraft. As of December 31, 2017 , the scheduled principal repayments under our Aircraft Note obligation for the subs equent three years are as follows: December 31, 2018 $ 4,638 December 31, 2019 4,740 December 31, 2020 3,218 $ 12,596 The table above assumes that the Aircraft Note will not be prepaid prior to its maturity on August 7, 2020. Credit Facilities Revolving Credit Facility In December 2016, in connection with the issuance of the Convertible Notes, as defined below, the Company entered into an amended and restated $100,000 senior unsecured revolving credit facility with a syndicated group of banks, with JPMorgan Chase Bank, N.A. acting as Administrative Agent (the “ Revolving Credit Facility ” ). The Revolving Credit Facility has a maturity da te of July 29, 2021. Applicable interest rates for the borrowings under the Revolving Credit Facility are based on the Company's current consolidated leverage ratio. As of December 31, 2017 , the LIBOR-based rate plus margin was 3.19% . The Company is required to pay a commitment fee calculated at a rate per annum of 0.30% on the average daily unused portion of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, the Company is subject to certain financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures and transactions with affiliates. As of December 31, 2017 , the Company was in compliance with the Revolving Credit Facility, and ha d available debt capacity under the terms of the R evolving C redit Facility of $100,000 . As of December 31, 2017 and 2016 , there were no amounts outstanding under the Revolving C redit F acility. Film Credit Facility In May 2015, two domestic subsidiaries of the Company, WWE Studios Finance Corp. and WWE Studios Finance Holding Corp. (collectively, the “Loan Parties”) entered into a $35,000 secured asset based revolving credit agreement, as amended, with Bank of America, N.A., as Administrative Agent and lender (the “Film Credit Facility”). On December 21, 2017, we repaid in full all outstanding debt and terminated our Film Credit Facility. In connection with the termination, we expensed $397 of unamortized debt issuance costs. |
Convertible Debt
Convertible Debt | 12 Months Ended |
Dec. 31, 2017 | |
Convertible Debt [Abstract] | |
Convertible Debt | 11. Convertible Debt In December 2016, we issued $200,000 aggregate principal amount of 3.375% convertible senior notes due 2023 and subsequently in January 2017, we issued an additional $15,000 in aggregate principal amount of such convertible notes through the partial exercise of an over-allotment option (collectively, the “Convertible Notes”). The Convertible Notes are due December 15, 2023, unless earlier repurchased by us or converted. Interest is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2017. The sale of the Convertible Notes in December 2016 and January 2017 resulted in $193,899 and $14,534 in net proceeds, respectively, to WWE after deducting the initial purchasers’ discount and the estimated offering expenses. We used $36,658 of the net proceeds from the sale of the Convertible Notes to pay the cost of the convertible bond hedges, as described below, after such cost was partially offset by the proceeds to us from the sale of warrants in the warrant transactions, as described below. The remaining proceeds will be used to support the execution of our long-term growth strategy and for general corporate purposes. The Convertible Notes are governed by an Indenture between us, as issuer, and U.S. Bank, National Association, as trustee. The Convertible Notes will be our general unsecured obligations and will rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of our unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Convertible Notes only after all indebtedness under such secured debt has been repaid in full from such assets. Upon conversion of the Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of Class A common stock, at our election, at a conversion rate of approximately 40.1405 shares of common stock per $1 principal amount of the Convertible Notes, which corresponds to an initial conversion price of approximately $24.91 per share of Class A common stock. At any time, prior to the close on the business day immediately preceding June 15, 2023 , the Convertible Notes will be convertible under the following circumstances: a) During any calendar quarter beginning after the calendar quarter ending on December 31, 2016 (and only during such calendar quarter), if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding quarter is greater than or equal to 130% of the conversion price on each applicable trading day; b) During the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price per $1 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day; c) Upon the occurrence of specified corporate events; or d) On or after June 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes, in multiples of $1 principal amount, at the option of the holder regardless of the foregoing circumstances. As of December 31, 2017, the Convertible Notes are not yet convertible. As a result of our cash conversion option, we separately accounted for the value of the embedded conversion option as a debt discount. The value of the embedded conversion option was determined based on the estimated fair value of the debt without the conversion feature, which was determined using an expected present value technique (income approach) to estimate the fair value of similar nonconvertible debt; the debt discount is being amortized as additional non-cash interest expense over the term of the Convertible Notes using the effective interest method with an effective interest rate of 6.40% per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the transaction costs related to the Note issuances, we allocated the total amount of offering costs incurred to the debt and equity components based on their relative values. Offering costs attributable to the debt component, totaling $5,454 , are being amortized as non-cash interest expense over the term of the Convertible Notes, and offering costs attributable to the equity component, totaling $1,110 , were netted with the equity component in stockholders' equity. The Convertible Notes consisted of the following components: As of December 31, 2017 2016 Debt component : Principal $ 215,000 $ 200,000 Less: Unamortized debt discount (32,217) (33,950) Less: Unamortized debt issuance costs (4,883) (5,042) Net carrying amount $ 177,900 $ 161,008 Equity component (1) $ 35,547 $ 33,060 (1) Recorded in the Consolidated Balance Sheets within additional paid-in capital, net of the $1,110 issuance costs in equity. The following table sets forth total interest expense recognized related to the Convertible Notes: For the year ended December 31, 2017 2016 3.375% contractual coupon $ 7,232 $ 262 Amortization of debt discount 4,290 151 Amortization of debt issuance costs 553 19 Interest expense $ 12,075 $ 432 Convertible Note Hedge In connection with the pricing of the Convertible Notes in December 2016 and January 2017, we entered into convertible note hedge transactions with respect to our Class A common stock (the “Note Hedge”) with three separate counterparties. The Note Hedge transactions in December 2016 and January 2017 resulted in an aggregate payment to the Note Hedge counterparties of $34,100 and $2,558 , respectively. The Note Hedge transactions cover approximately 8.03 million shares of our Class A common stock related to the December 2016 issuance and 602,107 shares of our Class A common stock related to the January 2017 issuance, and are exercisable upon conversion of the Convertible Notes. The Note Hedge will expire on December 1 5 , 2023 , unless earlier terminated . The Note Hedge transactions have been accounted for as part of additional paid-in capital. Warrant Transactions In connection with entering into the Note Hedge transactions described above, we also concurrently entered into separate warrant transactions (the “Warrant s ”), to sell warrants to acquire approximately 8.03 million shares of our Class A common st ock in connection with the Note Hedge transaction in December 2016 and 602,107 shares of our Class A common stock in connection with the Note Hedge transaction in January 2017, both at an initial strike price of approximately $31.89 per share , which represents a premium of approximately 60.0% over the last reported sale price of our Class A common stock of $19.93 on December 12, 2016 (initial issuance date of the Convertible Notes) . The Warrant transactions in December 2016 and January 2017 resulted in aggregate proceeds of $19,460 and $1,460 , respectively, from the sale of the Warrant s to the counterparties . The Warrants transaction s ha ve been accounted for as part of additional paid-in capital. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 12 . Income Taxes F or the years ended December 31, 2017 , 2016 and 2015 , the effective tax rate on income from continuing operations was 49.0% , 36.4% and 33.4% , respectively. The components of our tax provision are as follows: Year Ended December 31, 2017 2016 2015 Current taxes: Federal $ 7,785 $ (1,931) $ 12,107 State and local 1,313 1,210 2,537 Foreign 8,750 7,940 7,112 Deferred taxes: Federal 13,177 11,582 (9,736) State and local 396 560 78 Foreign (1) 11 (16) Total income tax expense $ 31,420 $ 19,372 $ 12,082 Within the current foreign tax provision for the years ended December 31, 2017 , 2016 and 2015 is $8,453 , $7,460 and $6,860 , respectively, of foreign withholding taxes paid on income included within the US pre-tax book income b elow. The federal deferred tax provision for the year ended December 31, 2017 includes a charge of $10,878 associated with the remeasurement of our deferred tax assets due to the revised corporate tax rate as a result of the Tax Act, as defined below. Components of income before income taxes are as follows: Year Ended December 31, 2017 2016 2015 United States $ 62,280 $ 51,160 $ 35,306 Foreign 1,780 2,053 920 Total income before income taxes $ 64,060 $ 53,213 $ 36,226 The following sets forth the d ifference between the provision /(benefit) for income taxes computed at the U.S. federal statutory income tax rate of 35% and that reported for financial statement purposes: Year Ended December 31, 2017 2016 2015 Statutory U.S. federal tax at 35% $ 22,421 $ 18,625 $ 12,679 State and local taxes, net of federal tax benefit 1,472 1,496 1,848 Foreign rate differential (298) (327) (97) Tax exempt interest income (86) (55) (52) Qualified production activity deduction (1,750) (942) (2,077) Unrecognized tax benefits (146) (248) (447) Meals and entertainment 317 308 284 Deferred tax asset remeasurement 10,878 — — Deemed repatriation transition tax 406 — — Excess tax benefits related to the vesting of share-based compensation (1,604) — — Other (190) 515 (56) Provision for income taxes $ 31,420 $ 19,372 $ 12,082 The tax effects of temporary differences and net operating losses that give rise to significant portions of the deferred tax assets and deferred tax liabilities consisted of the following: As of December 31, 2017 2016 Deferred tax assets: Accounts receivable $ 310 $ 2,206 Inventory 1,696 3,273 Deferred income 8,670 18,715 Stock compensation 7,173 8,937 Net operating loss carryforward 1,195 1,160 Foreign tax credits — 302 Investments 238 44 Intangible assets 1,673 2,650 Capitalized feature film production costs 1,316 717 Accrued liabilities and reserves 1,191 722 Federal benefit related to uncertain tax positions 103 163 Deferred tax assets, gross 23,565 38,889 Valuation allowance (1,195) (1,160) Deferred tax assets, net 22,370 37,729 Deferred tax liabilities: Property and equipment depreciation (2,380) (4,326) Investments (1,006) (847) Deferred tax liabilities (3,386) (5,173) Total deferred tax assets, net $ 18,984 $ 32,556 The temporary differences described above represent differences between the tax basis of assets or liabilities and amounts reported in the consolidated financial statements that will result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. The Company received tax deductions from the vesting of restricted stock units and performance stock units of $21,457 , $13,301 and $7,694 in 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , we had $ 18,984 of deferred tax assets, net, included in N on-current income tax assets in our Consolidated Balance Sheet. As of December 31, 2016, we had $ 32,556 of deferred tax assets, net, included in N on-current income tax assets in our C onsolidated Balance Sheet. The decrease in our deferred tax asset balance was driven by the remeasurement of our deferred tax assets and liabilities due to tax reform and activity in prepaid royalties relating to television contracts. The Tax Cuts and Jobs Act (the “ Tax Act”) was enacted on December 22, 2017. The Tax Act reduces the U.S. federal corporate tax rate from 35% to 21% , requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred and included a variety of other changes. During the fourth quarter of 2017, the Company recorded a charge of $10,878 associated with the remeasurement of its net deferred tax assets due to the tax rate decreasing from 35% to 21%, which reduced the future benefit the C ompany will realize associated with these assets. Additionally, the Company recorded a charge of $40 6 in the fourth quarter of 2017 related to the one-time transition tax on mandatory repatriation of undistributed foreign earnings and profits per the Tax Act. The adjustments to net deferred tax assets and the charge related to the one-time transition tax are provisional amounts estimated based on information available as of December 31, 2017 and a preliminary review of the Tax Act. These amounts are subject to revision as we obtain information necessary to complete the calculations. We will recognize any changes to the provisional amounts as we refine our estimates of our cumulative temporary differences, finalize the calculation of the total post-1986 earnings and profits of our foreign subsidiaries and complete our interpretations of the application of the Tax Act. As of December 31, 2017 and 2016 , we had valuation allowances of $ 1,195 and $ 1,160 respectively, to reduce our deferred tax assets to an amount more likely than not to be recovered. This valuation allowance relates to foreign income taxes and the resulting net ope rating losses in foreign jurisdictions where we have ceased operations. The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. The Company believes that based on past performance, expected future taxable income and prudent and feasible tax planning strategies, it is more likely than not that the net deferred tax assets will be realized. Changes in these factors may cause us to increase our valuation allowance on deferred tax assets, which would impact our income tax expense in the period we determine that these factors have changed. We are subject to periodic audits of our various tax returns by government agencies which could result in possible tax liabilities. Although the outcome of these matters cannot currently be determined, we believe the outcome of these audits will not have a material effect on our financial statements. Unrecognized Tax Benefits For the year ended December 31, 2017 , we recognized $189 of previously unrecognized tax benefits. This primarily relates to the statute of limitations expiring in certain state and local jurisdictions. Included in the amount recognized was $70 of potential interest and penalties related to uncertain tax positions. For the year ended December 31, 2016 , we recognized $284 of previously unrecognized tax benefits relating to the statute of limitations expiring in certain state and local jurisdictions. Included in the amount recognized was $28 of potential interest and penalties related to uncertain tax positions. The recognition of these amounts contributed to our effective tax rate of 49.0% for the year ended December 31, 2017 as compared to 36.4% for the year ended December 31, 2016 . At December 31, 2017 , we had $389 of unrecognized tax benefits, which if recognized, would affect our effective tax rate, which is classified in Non-c urrent income tax liabilities. At December 31, 2016 , we had $487 of unrecognized tax benefits , which is classified in Non-current income tax liabilities . Unrecognized tax benefit activity is as follows: Year Ended December 31, 2017 2016 Beginning Balance- January 1 $ 487 $ 818 Increase to unrecognized tax benefits recorded for positions taken during the current year 56 77 Decrease to unrecognized tax benefits recorded for positions taken during a prior period — (51) Decrease to unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (154) (357) Ending Balance- December 31 $ 389 $ 487 We recognize potential accrued interest and penalties related to uncertain tax positions in income tax expense. We have $84 of accrued interest and $45 of accrued penalties related to uncertain tax positions as of December 31, 2017 classified in Non-current income tax liabilities. At December 31, 2016 , we had $192 of accrued interest and $45 of accrued penalties rel ated to uncertain tax positions classified in Non-current income tax liabilities. Based upon the expiration of statutes of limitations and possible settlements in several jurisdictions, we believe it is reasonably possible that the total amount of previously unrecognized tax benefits may decrease by $127 within 12 months after December 31, 2017 . We file income tax returns in the United States and various state, local, and for eign jurisdictions. During 2017 and 2016 , the Company settled audits with various state and local jurisdictions. We are generally subject to examination by the IRS for years ending on or after December 31, 2014. We are also subject to examination by various state and local jurisdictions for years ending on or after December 31, 2014. |
Film And Television Production
Film And Television Production Incentives | 12 Months Ended |
Dec. 31, 2017 | |
Film And Television Production Incentives [Abstract] | |
Film And Television Production Incentives | 13 . Film and Television Production Incentives The Company has access to various governmental programs that are designed to promote film and television production within the United States of America and certain international jurisdictions. Incentives earned with respect to expenditures on qualifying film production activities and qualifying capital projects are recorded as an offset to the related asset balances. Incentives earned with respect to television and other production activities are recorded as an offset to production expenses . The Company recognizes these benefits when we have reasonable assurance regarding the realizable amount of the incentives. We recorded the following incentives during the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Television production incentives $ 11,260 $ 12,982 $ 11,100 Feature film production incentives $ 3,683 $ 1,347 $ 1,639 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 4 . Commitments and Contingencies We have certain commitments, including various non-cancelable operating leases for facilities and sales offices, service contracts with certain vendors and various talent , and a service agreement obligation related to WWE Network . Future minimum payments as of December 31, 2017 under the agreements described above were as follows: Operating Service Contracts Service Lease and Talent Agreement Commitments Commitments Commitments Total 2018 $ 5,026 $ 27,582 $ 6,417 $ 39,025 2019 4,540 19,956 — 24,496 2020 2,490 14,327 — 16,817 2021 1,590 7,164 — 8,754 2022 1,563 5,902 — 7,465 Thereafter 6,392 702 — 7,094 Total $ 21,601 $ 75,633 $ 6,417 $ 103,651 Rent expense under operating lease commitments totaled $6,240 , $6,367 and $6,414 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Legal Proceedings On October 23, 2014, a lawsuit was filed in the U. S. District Court for the District of Oregon, entitled William Albert Haynes III, on behalf of himself and others similarly situated, v. World Wrestling Entertainment, Inc. This complaint was amended on January 30, 2015 and alleged that the Company ignored, downplayed, and/or failed to disclose the risks associated with traumatic brain injuries suffered by WWE’s performers and seeks class action status. On March 31, 2015, the Company filed a motion to dismiss the first amended class action complaint in its entirety or, if not dismissed, to transfer the lawsuit to the U.S. District Court for the District of Connecticut. Without addressing the merits of the Company's motion to dismiss, the Court transferred the case to Connecticut on June 25, 2015. The plaintiffs filed an objection to such transfer, which was denied on July 27, 2015. On January 16, 2015, a second lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania, entitled Evan Singleton and Vito LoGrasso, individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc. , alleging many of the same allegations as Haynes . On February 27, 2015, the Company moved to transfer venue to the U.S. District Court for the District of Connecticut due to forum-selection clauses in the contracts between WWE and the plaintiffs and that motion was granted on March 23, 2015. The plaintiffs filed an amended complaint on May 22, 2015 and, following a scheduling conference in which the court ordered the plaintiffs to cure various pleading deficiencies, the plaintiffs filed a second amended complaint on June 15, 2015. On June 29, 2015, WWE moved to dismiss the second amended complaint in its entirety. On April 9, 2015, a third lawsuit was filed in the U. S. District Court for the Central District of California, entitled Russ McCullough, a/k/a “Big Russ McCullough,” Ryan Sakoda, and Matthew R. Wiese a/k/a “Luther Reigns,” individually and on behalf of all others similarly situated, v. World Wrestling Entertainment, Inc. , asserting similar allegations to Haynes . The Company again moved to transfer the lawsuit to Connecticut due to forum-selection clauses in the contracts between WWE and the plaintiffs, which the California court granted on July 10, 2015. On September 21, 2015, the plaintiffs amended this complaint and, on November 16, 2015, the Company moved to dismiss the amended complaint. Each of these suits seeks unspecified actual, compensatory and punitive damages and injunctive relief, including ordering medical monitoring. The Haynes and McCullough cases purport to be class actions. On February 18, 2015, a lawsuit was filed in Tennessee state court and subsequently removed to the U.S. District Court for the Western District of Tennessee, entitled Cassandra Frazier, individually and as next of kin to her deceased husband, Nelson Lee Frazier, Jr., and as personal representative of the Estate of Nelson Lee Frazier, Jr. Deceased, v. World Wrestling Entertainment, Inc. A similar suit was filed in the U. S. District Court for the Northern District of Texas entitled Michelle James, as mother and next friend of Matthew Osborne, minor child, and Teagan Osborne, a minor child v. World Wrestling Entertainment, Inc. These lawsuits contain many of the same allegations as the other lawsuits alleging traumatic brain injuries and further allege that the injuries contributed to these former talents’ deaths. WWE moved to transfer the Frazier and Osborne lawsuits to the U.S. District Court for the District of Connecticut based on forum-selection clauses in the decedents’ contracts with WWE, which motions were granted by the respective courts. On November 23, 2015, amended complaints were filed in Frazier and Osborne , which the Company moved to dismiss on December 16, 2015 and December 21, 2015, respectively. On November 10, 2016, the Court granted the Company’s motions to dismiss the Frazier and Osborne lawsuits in their entirety. On June 29, 2015, the Company filed a declaratory judgment action in the U. S. District Court for the District of Connecticut entitled World Wrestling Entertainment, Inc. v. Robert Windham, Thomas Billington, James Ware, Oreal Perras and various John and Jane Does seeking a declaration against these former performers that their threatened claims related to alleged traumatic brain injuries and/or other tort claims are time-barred. On September 21, 2015, the defendants filed a motion to dismiss this complaint, which the Company opposed. The Court previously ordered a stay of discovery in all cases pending decisions on the motions to dismiss. On January 15, 2016, the Court partially lifted the stay and permitted discovery only on three issues in the case involving Singleton and LoGrasso. Such discovery was completed by June 1, 2016. On March 21, 2016, the Court issued a memorandum of decision granting in part and denying in part the Company’s motions to dismiss the Haynes, Singleton/LoGrasso, and McCullough lawsuits. The Court granted the Company’s motions to dismiss the Haynes and McCullough lawsuits in their entirety and granted the Company’s motion to dismiss all claims in the Singleton/LoGrasso lawsuit except for the claim of fraud by omission. On March 22, 2016, the Court issued an order dismissing the Windham lawsuit based on the Court’s memorandum of decision on the motions to dismiss. On April 4, 2016, the Company filed a motion for reconsideration with respect to the Court’s decision not to dismiss the fraud by omission claim in the Singleton/LoGrasso lawsuit and, on April 5, 2016, the Company filed a motion for reconsideration with respect to the Court dismissal of the Windham lawsuit. On July 21, 2016, the Court denied the Company’s motion in the Singleton/LoGrasso lawsuit and granted in part the Company’s motion in the Windham lawsuit. On April 20, 2016, the plaintiffs filed notices of appeal of the Haynes and McCullough lawsuits. On April 27, 2016, the Company moved to dismiss the appeals for lack of appellate jurisdiction, which motions were granted and the appeals were dismissed with leave to appeal upon the resolution of all of the consolidated cases. The Company has filed a motion for summary judgment on the sole remaining claim in the Singleton/LoGrasso lawsuit. The Company also filed a motion for judgment on the pleadings against the Windham defendants. Lastly, on July 18, 2016, a lawsuit was filed in the U.S. District Court for the District of Connecticut, entitled Joseph M. Laurinaitis, et al. vs. World Wrestling Entertainment, Inc. and Vincent K. McMahon, individually and as the trustee of certain trusts . This lawsuit contains many of the same allegations as the other lawsuits alleging traumatic brain injuries and further alleges, among other things, that the plaintiffs were misclassified as independent contractors rather than employees denying them, among other things, rights and benefits under the Occupational Safety and Health Act (OSHA), the National Labor Relations Act (NLRA), the Family and Medical Leave Act (FMLA), federal tax law, and various state Worker’s Compensation laws. This lawsuit also alleges that the booking contracts and other agreements between the plaintiffs and the Company are unconscionable and should be declared void, entitling the plaintiffs to certain damages relating to the Company’s use of their intellectual property. The lawsuit alleges claims for violation of RICO, unjust enrichment, and an accounting against Mr. McMahon. The Company and Mr. McMahon moved to dismiss this complaint on October 19, 2016. On November 9, 2016, the Laurinaitis plaintiffs filed an amended complaint. On December 23, 2016, the Company and Mr. McMahon moved to dismiss the amended complaint. On September 29, 2017, the Court issued an order on the motion to dismiss pending in the Laurinaitis case and on the motion for judgment on the pleadings pending in the Windham case. The Court reserved judgment on the pending motions and ordered that within thirty-five (35) days of the date of the order the Laurinaitis plaintiffs and the Windham defendants file amended pleadings that comply with the Federal Rules of Civil Procedure. The Court further ordered that each of the Laurinaitis plaintiffs and the Windham defendants submit to the Court for in camera review affidavits signed and sworn under penalty of perjury setting forth facts within each plaintiff’s or declaratory judgment-defendant’s personal knowledge that form the factual basis of their claim or defense. On November 3, 2017, the Laurinaitis plaintiffs filed a second amended complaint. The Company and Mr. McMahon believe that the second amended complaint fails to comply with the Court’s September 29, 2017 order and otherwise remains legally defective for all of the reasons set forth in their motion to dismiss the amended complaint. Also on November 3, 2017, the Windham defendants filed a second answer. The Company does not know if the Laurinaitis Plaintiffs and Windham Defendants submitted the affidavits required under the Court’s September 29, 2017 order. On November 17, 2017, the Company and Mr. McMahon filed a response that, among other things, urged the Court to grant the motion for judgment on the pleadings against the Windham defendants and dismiss the Laurinaitis plaintiffs’ complaint with prejudice and award sanctions against the Laurinaitis plaintiffs’ counsel because the amended pleadings fail to comply with the Court’s September 29, 2017 order and the Federal Rules of Civil Procedure. The Company believes all claims and threatened claims against the Company in these various lawsuits are being prompted by the same plaintiffs’ lawyer and are without merit. The Company intends to continue to defend itself against these lawsuits vigorously. On August 9, 2016, a lawsuit was filed in the U.S. District Court for the District of Connecticut entitled Marcus Bagwell, individually and on behalf of all others similarly situated v. World Wrestling Entertainment, Inc. The lawsuit alleges claims for breach of contract, breach of fiduciary duty, unjust enrichment and violations of the Connecticut Unfair Trade Practices Act, C.G.S. §42-110a, et seq., principally arising from WWE’s alleged failure to pay royalties for streaming video on WWE Network. On September 7, 2016, a motion for leave to amend was filed along with a proposed amended complaint that, among other things, sought to add Scott Levy as an individual plaintiff and WCW, Inc. as a defendant. On November 4, 2016, the Court granted plaintiffs’ motion for leave to amend and plaintiffs filed their amended complaint on November 7, 2016. On December 2, 2016, the Company moved to dismiss the amended complaint. On May 5, 2017, the Court granted in part and denied in part the Company’s motion to dismiss. The Court dismissed plaintiff’s declaratory judgment, unjust enrichment and successor liability claims, as well as all claims asserted against WCW, Inc. The Court also granted plaintiffs leave to file a second amended complaint, which plaintiffs filed on May 19, 2017. Plaintiffs then sought leave to file a third amended complaint to correct certain errors by plaintiffs’ counsel, which the Court granted and plaintiffs filed their third amended complaint on June 15, 2017. The third amended complaint continues to assert claims for breach of contract, breach of fiduciary duty, and violations of the Connecticut Unfair Trade Practices Act, C.G.S. §42-110a, et seq. against WWE. Following the depositions of Plaintiffs Bagwell and Levy, Plaintiffs’ counsel advised that they intended to voluntarily dismiss Plaintiffs’ remaining claims against the Company. On December 7, 2017, the parties filed a Stipulation of Dismissal pursuant to which all of Bagwell’s and Levy’s claims were dismissed with prejudice. No money was paid by WWE in consideration for the dismissal with prejudice. On December 8, 2017, the Court granted the parties’ Stipulation of Dismissal and closed the case. In addition to the foregoing, from time to time we become a party to other lawsuits and claims. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15 . Related Party Transactions Vincent K. McMahon, Chairman of the Board of Directors and Chief Executive Officer, controls a substantial majority of the voting power of the issued and outstanding shares of our common stock. Through the beneficial ownership of a substantial majority of our Class B common stock, Mr. McMahon can effectively exercise control over our affairs. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 16 . Stockholders’ Equity Class B Convertible Common Stock Our Class B common stock is fully convertible into Class A common stock, on a one for one basis, at any time at the option of the holder. The two classes are entitled to equal per share dividends and distributions and vote together as a class with each share of Class B entitled to ten votes and each share of Class A entitled to one vote, except when separate class voting is required by applicable law. If, at any time, any shares of Class B common stock are beneficially owned by any person other than Vincent McMahon, Linda McMahon, any descendant of either of them, any entity which is wholly owned and is controlled by any combination of such persons or any trust, all the beneficiaries of which are any combination of such persons, each of those shares will automatically convert into shares of Class A common stock. During the years ended December 31, 2017 , 2016 and 2015 , Class B shares were sold, resulting in their conversion to Class A shares. Through his beneficial ownership of a substantial majority of our Class B common stock, our controlling stockholder, Vincent McMahon, can effectively exercise control over our affairs, and his interests could conflict with the holders of our Class A common stock. Dividends We declared and paid quarterly dividends of $0.12 per share, totaling $36,854 , $36,564 , and $36,345 on all Class A and Class B shares for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 17 . Stock-based Compensation Our 20 16 Omnibus Incentive Plan (the “20 16 Plan”) provides for the grant of incentive or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and performance awards to eligible participants as determined by the Compensation Committee of the Board of Directors. Awards may be granted under the 2016 Plan to officers, employees, consultants, advisors and independent contractors of the Company and its affiliates and to non-employee directors of the Company. As of December 31, 2017 , there were approxim ately 3.6 million shares available for future grants under the 2016 Plan. It is our policy to issue new shares to satisfy option exercises and the vesting of RSUs and PSUs. Restricted Stock Units The Company grants RSUs to offic ers and employees under the 2016 Plan. Stock-based compensation costs associated with our RSUs are determined using the fair market value of the Company's common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs have a service requirement typically over a three and one - half year vesting schedule and vest in equal annual installm ents. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. The following tables summarize the activity of RSUs for the year ended December 31, 2017 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2017 356,761 $ 16.68 Granted 308,888 $ 19.60 Vested (145,098) $ 17.16 Forfeited (54,448) $ 17.75 Dividend equivalents 11,689 $ 18.12 Unvested at December 31, 2017 477,792 $ 18.33 Year Ended December 31, 2017 2016 2015 Stock-based compensation expense $ 3,519 $ 2,407 $ 1,706 Tax benefits realized 2,920 1,775 666 Weighted-average grant-date fair value of RSUs granted 6,054 3,825 3,288 Fair value of RSUs vested 2,490 1,580 849 As of December 31, 2017 , total unrecognized stock-based compensation expense related to unvested RSUs net of estimated forfeitures, was $4,607 before income taxes, and is expected to be recognized over a weighted-average period of approximately 1.6 years. Performance Stock Units The Company grants P SUs to offic ers and employees under the 2016 Plan. Stock-based compensation costs associated with our PSUs are initially determined using the fair market value of the Company's common stock on the date the awards are approved by our Compensation Committee (service inception date). The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically three and one - half years. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are re-measured each reporting period based upon the fair market value of the Company's common stock and the estimated performance attainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Stock compensation costs for our PSUs are recognized over the requisite service period using the graded vesting method, net o f estimated forfeitures. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying PSUs. The following tables summarize the activity of PSUs for the year ended December 31, 2017 : Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2017 2,161,311 $ 16.39 Granted 550,460 $ 30.58 Achievement adjustment 282,662 $ 20.96 Vested (897,338) $ 17.05 Forfeited (84,942) $ 24.62 Dividend equivalents 41,778 $ 18.03 Unvested at December 31, 2017 2,053,931 $ 21.37 Year Ended December 31, 2017 2016 2015 Stock-based compensation expense $ 20,356 $ 15,361 $ 15,088 Tax benefits realized 18,538 11,525 7,028 Weighted-average grant-date fair value of PSUs granted 16,833 17,604 17,843 Fair value of PSUs vested 15,301 9,763 6,078 During the year ended December 31, 2017 , we granted 550,460 PSUs which are subject to certain performance conditions. During the year ended December 31, 2016 we granted 956,730 PSUs , which were subject to performance conditions. During the first quarter of 2017 , it was determined that the performance conditions related to these PSUs were exceeded, which resulted in a n increase of 282,662 PSUs in 2017 relating to the initial 2016 PSU grant. As of December 31, 2017 , total unrecognized stock-based compensation expense related to unvested PSUs, net of estimated forfeitures, was $20,077 before income taxes, and is expected to be recognized over a weighted-average period of approximately 1.5 years. Employee Stock Purchase Plan We provide a stock purchase plan for our employees. Under the plan, all eligible regular full-time employees may contribute up to 10% of their base compensation (subject to certain income limits) to the semi-annual purchase of shares of our common stock. The purchase price is 85% of the fair market value at certain plan-defined dates. As this plan is defined as compensatory, a charge is recorded to Selling, general and administrative expense for the difference between the fair market value and the discounted price. During 2017 , 2016 and 20 15 , employees purchased 72,882 , 71,636 and 86,922 shares of our common stock which resulted in an expense of $276 , $331 , and $438 , respectively. As of December 31, 2017 , 1.6 million shares of the Company's common stock are reserved for issuance under the 2012 Employee Stock Purchase Plan. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 18 . Employee Benefit Plans We sponsor a 401(k) defined contribution plan covering substantially all employees. Under this plan, participants are allowed to make contributions based on a percentage of their salary, subject to a statutorily prescribed annual limit. We make matching contributions of 50% of each participant’s contributions, up to 6% of eligible compensation. We may also make additional discretionary contributions to the 401(k) plan. Our expense for matching contributions to the 401(k) plan was $2,341 , $2,028 and $1,947 for the years ended December 31, 2017 , 2016 and 2015 , re spectively. The Company did not make any discretionary contributions for the years ended December 31, 2017 , 2016 or 2015 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | 19 . Segment Information As discussed in Note 1 , Basis of Presentation and Business Description, the Company currently classifies its operations into ten reportable segments. The ten reportable segments of the Company include the following: Network (which includes our pay-per-view business), Television, Home Entertainment and Digital Media, which are individual segments that comprise the Media Division; Live Events ; Licensing, Venue Merchandise and WWEShop, which are individual segments that comprise the Consumer Products Division; WWE Studios , and Corporate and Other (as defined below). The Company presents OIBDA as the primary measure of segment profit (loss). The Company defines OIBDA as operating income before depreciation and amortization, excluding feature film and television production asset amortizat ion and impairments, as well as the amortization of costs related to content delivery and technology assets utilized for our WWE Network. The Company believes the presentation of OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate segment performance and make decisi ons about allocating resources. Additionally, we believe that OIBDA provides a meaningful representation of operating cash flows within our segments. We record certain costs within our Corporate and Other segment since the costs benefit the Company as a whole and are not directly attributable to our other reportable segments . These costs are presented in two categories, Corporate Support and Business Support. Corporate support expense s primarily include our corporate general and administrative functions. Business Support expenses include our sales and marketing functions , our international offices, talent development costs , including costs associated with our WWE Performance Center , and our business strategy and data analytics functions. Included in Corporate and Other are intersegment eliminations recorded in consolidation. We do not disclose assets by segment information. In general, assets of the Company are leveraged across its reportable segments and we do not provide assets by segment information to our chief operating decision maker, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. The following tables present summarized financial information for each of the Company's reportable segments: Year Ended December 31, 2017 2016 2015 Net revenues: Network $ 197,876 $ 180,895 $ 159,407 Television 270,217 241,730 231,115 Home Entertainment 8,635 13,110 13,434 Digital Media 34,479 26,937 21,448 Live Events 151,705 144,358 124,667 Licensing 52,126 49,126 48,913 Venue Merchandise 23,742 24,198 22,428 WWEShop 37,815 34,607 27,074 WWE Studios 18,618 10,094 7,082 Corporate & Other 5,746 4,161 3,200 Total net revenues $ 800,959 $ 729,216 $ 658,768 Depreciation and amortization: Network $ 6,897 $ 6,045 $ — Television 4,756 5,026 8,955 Home Entertainment 56 20 — Digital Media 175 342 1,254 Live Events — 2 22 WWE Studios — — 8 Corporate & Other 14,166 12,976 12,521 Total depreciation and amortization $ 26,050 $ 24,411 $ 22,760 OIBDA: Network (1) $ 64,176 $ 43,020 $ 48,364 Television (1) 139,446 119,814 96,967 Home Entertainment 1,624 5,249 4,624 Digital Media 10,252 4,576 4,384 Live Events 42,254 41,807 37,986 Licensing 31,119 27,430 28,795 Venue Merchandise 9,116 9,764 8,870 WWEShop 8,289 7,338 5,148 WWE Studios (3,642) (258) (1,487) Corporate & Other (2) (201,006) (178,688) (172,097) Total OIBDA $ 101,628 $ 80,052 $ 61,554 Reconciliation of Total Operating Income to Total OIBDA Year Ended December 31, 2017 2016 2015 Total operating income $ 75,578 $ 55,641 $ 38,794 Depreciation and amortization 26,050 24,411 22,760 Total OIBDA (2) $ 101,628 $ 80,052 $ 61,554 (1) Beginning on January 1, 2016, the Company started allocating certain shared costs and expenses between our Network and Television segments. We believe this allocation more accurately reflects the operations of each of these reportable segments. The impact of this allocation methodology during the year ended December 31, 2016 was a decline to Network segment OIBDA of $15,427 , with a corresponding increase of $15,427 to Television segment OIBDA. The allocation methodology had no impact on our consolidated financial statements. Prior year Network and Television segment results were not revised for this prospective change in the allocation method. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion. (2) The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment , for further discussion. Geographic Information Net revenues by major geographic region are based upon the geographic location of where our content is distributed. The information below summarizes net revenues to unaffiliated customers by geographic area: Year Ended December 31, 2017 2016 2015 North America $ 599,697 $ 539,917 $ 488,957 Europe/Middle East/Africa 125,639 122,728 112,326 Asia Pacific 61,568 54,699 49,348 Latin America 14,055 11,872 8,137 Total net revenues $ 800,959 $ 729,216 $ 658,768 Revenues generated from the United Kingdom, our largest international market, totaled $77,485 , $78,543 and $75,653 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company's property and equipment was almost entirely located in the United States at December 31, 2017 and 2016 . |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | 20 . Concentration of Credit Risk We continually monitor our position with, and the credit quality of, the financial institutions that are counterparties to our financial instruments. Our accounts receivable relate principally to a limited number of distributors, including our WWE Network, television, pay-per-view , and home video distributors , and licensees that produce consumer products containing our intellectual property . We closely monitor the status of receivables with these customers and maintain allowances for anticipated losses as deemed appropriate. At December 31, 2017 our largest receivable balance from customers was 1 6 % of our gross accounts receivable . At December 31, 2016 , our two largest receivable balances from customers were 17% and 15% of our gross accounts receivable. No other customers individually exceeded 10% of our gross accounts receivable balance. |
Selected Quarterly Financial In
Selected Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Information | 2 1 . Selected Quarterly Financial Information (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2017 (1) (2) (1) (1) (2) (1) (2) (3) Net revenues $ 188,444 $ 214,586 $ 186,325 $ 211,604 Cost of revenues $ 109,153 $ 136,387 $ 95,233 $ 118,208 Net income $ 888 $ 5,085 $ 21,854 $ 4,813 Net income per common share: basic $ 0.01 $ 0.07 $ 0.28 $ 0.06 2016 Net revenues $ 171,100 $ 198,994 $ 164,162 $ 194,960 Cost of revenues $ 93,334 $ 132,020 $ 87,637 $ 117,041 Net income $ 13,885 $ 862 $ 11,075 $ 8,019 Net income per common share: basic $ 0.18 $ 0.01 $ 0.15 $ 0.10 (1) Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078 , $1,084 , $759 and $1,551 , respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets , for further discussion. (2) Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615 , respectively , related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530 , $9,638 and $814 , respectively, related to television production incentives. (3) Net inc ome for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes , for further discussion . |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | W ORLD WRESTLING ENTERTAINMENT, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in thousands) Charges to Balance at Expense/ Beginning Against Deductions/ Balance at Description of Year Revenues Adjustments * End of Year For the Year Ended December 31, 2017 Allowance for doubtful accounts $ 5,945 $ 537 $ (5,140) $ 1,342 Home video allowance for returns 2,273 6,890 (7,501) 1,662 Allowance for WWE Network refunds and chargebacks 40 353 (363) 30 For the Year Ended December 31, 2016 Allowance for doubtful accounts $ 7,789 $ (386) $ (1,458) $ 5,945 Home video allowance for returns 2,442 7,294 (7,463) 2,273 Allowance for WWE Network refunds and chargebacks 80 402 (442) 40 For the Year Ended December 31, 2015 Allowance for doubtful accounts $ 4,814 $ 630 $ 2,345 $ 7,789 Magazine publishing allowance for newsstand returns 299 28 (327) — Home video allowance for returns 2,588 10,158 (10,304) 2,442 Allowance for WWE Network refunds and chargebacks 25 855 (800) 80 * Includes deductions which are comprised primarily of write-offs of specific bad debts and returns of products , as well as certain adjustments to the allowance account , including reserves for amounts due from customers that have not been recognized as revenue . |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported am ounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenue s and expenses during the reporting period s . Actual results could differ from those estimates. |
Basis of Consolidation | Basis of Consolidation — The consolidated financial statements include the accounts of WWE and all of its domes tic and foreign subsidiaries. Included in Corporate and Other are intersegment eliminations recorded in consolidation. All intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents include cash on deposit in overnight deposit accounts , investments in Treasury bills and investments in money market accounts with original maturities of three months or less at the time of purchase. |
Short-term Investments, Net | Short-term Investments, Net — We classify all of our short-term investments as available-for-sale securities. Such investments consist of U.S. Treasury securities, corporate and municipal bonds, including pr e-refunded municipal bonds, and government agency bonds. T hese investments are stated at fair value, with unrealized gains and losses on such securities reflected, net of tax, as other comprehensive income (loss) in stockholders’ equity. Realized gains and losses on investments are included in earnings and are derived using the specific identification method for determining the cost of securities sold. |
Accounts Receivable, Net | Accounts Receivable, Net — Accounts receivable relate principally to amounts due to us from distributors of our WWE Network, pay-per-view providers and television networks for pay-per-view presentations and television programming, respectively, and balances due from the sale of home videos, as well as from licensees that produce consumer products containing our intellectual property and/or trademarks. We estimate the collectability of our receivables and establish allowances for the amount of accounts receivable that we estimate to be uncollectible. We base these allowances on our historical collection experience, the length of time our accounts receivable are outstanding and the financial condition of individual customers. An individual balance is charged to the allowance when all collection efforts have been exhausted and it is deemed likely to be uncollectible, taking into consideration the financial condition of the customer and other factors. |
Inventory | Inventory — Inventory consists of merchandise sold on our website s and on distribution platforms, including Amazon , merchandise so ld at live events and DVDs/Blu-R ays, which are sold via a distributor to retailers. Substantially all of our inventory is comprised of finished goods. Inventory is stated at the lower of cost and net realizable value . The valuation of our inventories requires management to make market estimates assessing the quantities and the prices at which we believe the inventory can be sold. |
Property and Equipment, Net | Property and Equipment, Net — Property and equipment are stated at historical cost net of benefits associated with tax incentives less accumulated depreciation and amortization. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the life of the lease, whichever is shorter. Vehicles and equipment are depreciated based on estimated useful lives varying from three to five years. Buildings and related improvements are depreciated based on estimated useful lives varying from five to thirty-nine years. Our corporate aircraft is depreciated over ten years on a straight-line basis less an estimated residual value. |
Feature Film Production Assets, Net | Feature Film Production Assets, Net — Feature film production assets are recorded at the cost of production, including production overhead and net of production incentives. The costs for an individual film are amortized in the proportion that revenues bear to management’s estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Unamortized feature film production assets are evaluated for impairment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenues and/or costs are revised and indicate a significant decline in a film’s profitability or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized film costs, we calculate the film's estimated fair value using a discounted cash flows model. If fair value is less than the unamortized cost, the film is written down to fair value. Impairment charges are recorded as an increase in amortization expense included in cost of revenues in the Consolidated Statements of Operations. Our estimate of ultimate revenues for feature films includes revenues from all sources for ten years from the date of a film’s initial release. We estimate the ultimate revenues based on industry and Company specific trends, the historical performance of similar films, the star power of the lead actors, and the genre of the film. Prior to the release of a feature film and throughout its life, we revise our estimates of revenues based on expected future results, actual results and other known factors affecting the various distribution markets. |
Television Production Assets, Net | Television Production Assets, Net — Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms including on our WWE Network. Amounts capitalized include development costs, production costs , production overhead and employee salaries . Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Costs to produce our live event programming are expensed when the event is first broadcast and are not included in the capitalized costs or in the related amortization . Unamortized television production assets are evaluated for imp airment each reporting period. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that a program will not likely air, we expense the remaining unamortized asset. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets — We periodically evaluate the carrying amount of long-lived assets for impairment when events and circumstances warrant such a review. |
Investment Securities | Investment Securities — We maintain investments accounted for under the cost method of accounting and under the equity method of accounting. Our cost method investments are carried at cost and adjusted for other-than-temporary declines in fair value . Our equity method investment relates to a joint venture with Authentic Brands Group (“ABG”) in an apparel and lifestyle brand, Tapout LLC (“Tapout”). Under the equity method of accounting, to the extent that Tapout records income or losses, we record our share proportionate to our ownership percentage of 50% , and any dividends received reduce the carrying amount of the investment. Our share of the income or losses in Tapout is included as a component of Investment income, net, in the Consolidated Statements of Operations , and is also included, net of cash dividends received in Equity in earnings of affiliate, net of dividends received, in the Consolidated Statements of Cash Flows. We evaluate our investments for impairment annually, and when factors indicate that a significant decrease in value has occurred. Variables considered in making such assessments may include near-term prospects of the investees, subsequent rounds of financing activities of the investees, and the investees’ capital structure as well as other economic variables, which reflect assumptions market participants m ay use in pricing these assets. If an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. We record these other-than-temporary impairment charges in Loss on equity investments in the Consolidated Statements of Operations. Beginning in 2018, we will adopt new accounting rules that will change the way we account for our equity investments without readily determinable fair values (i.e. our existing cost method investments). Under the amended rules, the cost method of accounting is eliminated. Companies have the option to either measure equity investments without readily determinable fair values at fair value or at cost adjusted for changes in observable prices minus impairment. We have elected to measure equity investments without readily determinable fair value at cost adjusted for changes in observable prices minus impairment, which will be recognized in net income. These equity investments will be periodically assessed qualitatively for impairment. When a qualitative assessment indicates that impairment exists, we will measure the investment at fair value. Refer to the discussion in Recent Accounting Pronouncements below for further details. |
Income Taxes | Income Taxes — Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the consolidated financial statements. Amounts are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carry forwards, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes, conversely, if we determine we might not be able to realize our deferred tax assets we would record a valuation allowa nce which would result in a char ge to the provision for income taxes. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate tax positions taken or expected to be taken in a tax return by assessing whether they are more likely than not sustainable, based solely on their technical merits, upon examination, and including resolution of any related appeals or litigation process. The second step is to measure the associated tax benefit of each position, as the largest amount that we believe is more likely than not realizable. Differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements represent our unrecognized income tax benefits, which we record as a liability. Our policy is to include interest and penalties related to unrecognized income tax benefits as a component of income tax expense. |
Revenue Recognition | Revenue Recognition — Revenues are generally recognized when products are shipped or as services are performed. However, due to the nature of several of our business lines, there are additional steps in the revenue recognition process, as described below. We plan on adopting the new revenue recognition rules starting in fiscal year 2018. Refer to the Recent Accounting Pronouncements section below for a further discussion. · WWE Network Subscriptions: Revenues are recognized ratably over each paid monthly membership period. Deferred revenue consists of subscription fees billed to members that have not been recognized and gift memberships that have not been redeemed. · Pay-per-view programming: Revenues from our pay-per-view programming are recorded when the event is aired and are based upon our initial estimate of the number of buys achieved. This initial estimate is based on preliminary buy information received from our pay-per-view distributors. Final reconciliation of the pay-per-view buys generally occurs within one year and any subsequent adjustments to the buys are recognized in the period new information is received. · Sponsorships: Through our sponsorship packages, we offer advertisers a full range of our promotional vehicles, including online and print advertising, on-air announcements and special appearances by our Superstars. We allocate revenue to all deliverables contained within a sponsorship arrangement based upon their relative selling price. In most instances, we determine relative selling price used for allocating revenue to a specific deliverable using vendor specific objective evidence ("VSOE"). VSOE is the selling price that a vendor charges when it sells similar products or services on a stand-alone basis. After allocating revenue to each deliverable, we recognize revenue from our sponsorship arrangements when each element is delivered. · Licensing: Revenues from our licensed products are recognized upon receipt of reports from the individual licensees that detail the royalties generated by related product sales. If we receive licensing advances, such payments are recorded as deferred revenue and are recognized as income when earned. · Home entertainment: Revenues from the sales of home video titles are recorded net of an allowance for estimated returns, at the later of delivery by our distributor to retailers, or the date that these products are made widely available for sale by retailers. The allowance for estimated returns is based on historical information, current industry trends and demand for our titles. · TV rights: Rights fees received from distributors of our television programming, both domestically and internationally, are recorded when the program has been delivered to the distributor and is available for exhibition. Our typical distribution agreement is between one and five years in length and frequently provides for contractual increases over its term. Expenses incurred in the production of our weekly television programming are expensed when the programming is first available for exhibition. As of December 31, 2017 and 2016, we have $21,475 and $34,375 , respectively, related to an advance payment associated with our domestic television rights deal , which is included as a component of deferred income and non-current deferred income within our Consolidated Balance Sheets . · Films: Revenue recognition for our feature films varies depending on the method of distribution and the extent of control the Company exercises over the distribution and related expenses. We exercise significant control over our self-distributed films and as a result, we record distribution revenue and related expenses on a gross basis in our financial statements. Third-party distribution partners control the distribution and marketing of our co-distributed films, and as a result, we recognize revenue on a net basis after the third-party distributor recoups distribution fees and expenses and results are reported to us. This typically occurs in periods subsequent to the initial release of the film. In certain arrangements, where worldwide film rights and interests are sold to third-party distribution partners, we recognize revenue upon delivery of the completed film to the third-party. Revenues generated from our films through the various distribution channels, including home video, video-on-demand and television are recognized consistent with the policies described above. |
Cost of Revenues | Cost of Revenues — Included within cost of revenues is the amortization and impairment of feature film and television production assets. Television production assets consist primarily of non-live event episodic television series we have produced for distribution through a variety of platforms, including on our WWE Network. We amortize feature film production assets based on the estimated future cash flows. Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. Unamortized feature film and television production assets are evaluated for impairment each reporting period. Cost of revenues also includes the amortization of costs related to content delivery and technology assets utilized for our WWE Network. These costs are amortized on a straight - line basis over the shorter of the expected useful life or the term of the respective service agreement. Program amortization for WWE Network is included in cost of revenues as a component of amortization of television production assets. For episodic programming debuting and currently expected to air exclusively on WWE Network, the cost of the programming is expensed upon initial release, as our expectation is that the vast majority of viewership will occur in close proximity to the initial release. Included within Cost of revenues are the following: Year Ended December 31, 2017 2016 2015 Amortization and impairment of feature film assets $ 17,377 $ 6,662 $ 3,891 Amortization of television production assets 21,137 26,933 30,591 Amortization of WWE Network content delivery and technology assets 5,970 4,832 3,870 Total amortization and impairment included in cost of revenues $ 44,484 $ 38,427 $ 38,352 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the amortization table noted above. |
Film and Television Production Incentives | Film and Television Production Incentives — The Company has access to various governmental programs that are designed to promote film and television production within the United States and certain international jurisdictions. Tax credits earned with respect to expenditures on qualifying film, television and other production activities, including qualifying capital projects, are included as an offset to the related asset or as an offset to production expenses when we have reasonable assurance regarding the realizable amount of the tax credits. |
Avertising Expense | Advertising Expense — Advertising costs are expensed as incurred, except for costs related to the development of a major commercial or media campaign , which are expensed in the period in which the commercial or campaign is first presented. For the years ended December 31, 2017 , 2016 and 2015 , we recorded advertising expenses of $23,629 , $22,122 and $25,260 , respectively. |
Foreign Currency Translation | Foreign Currency Translation — For the translation of the financial statements of our foreign subsidiaries whose functional currencies are not U.S. Dollars, assets and liabilities are translated at the year-end exchange rate, and income statement accounts are translated at monthly average exchange rates for the year. The resulting translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity and also in comprehensive income. Foreign currency transactions are recorded at the exchange rate prevailing at the transaction date, with any gains/losses recorded in other income/expense. |
Stock-Based Compensation | Stock-Based Compensation — Equity awards are granted to directors, officers and employees of the Company. Stock-based compensation costs associated with our restricted stock units ("RSUs") are determined using the fair market value of the Company's common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs have a service requirement typically over a three and one-half year vesting schedule and vest in equal annual installments. Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. Stock-based compensation costs associated with our performance stock units ("PSUs") are initially determined using the fair market value of the Company's common stock on the date the awards are approved by our Compensation Committee (service inception date). The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically three and one half years. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are re-measured each reporting period based upon the fair market value of the Company's common stock and the estimated performance attainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Stock compensation costs for our PSUs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying PSUs. We estimate forfeitures, based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ or as forfeitures occur. Beginning in 2017, we adopt ed new accounting rules related to simplifying the accounting for our share-based compensation awards. The new rules require entities to record all excess tax benefits or deficiencies as income tax benefit or expense in the income statement, rather than as a component of additional paid-in capital, and require s entities to classify excess tax benefits as an operating activity in the statement of cash flows. In addition, the amounts paid to satisfy the statutory income tax withholding obligation, which prior to adoption was classif ied in operating activities on the cash flow statement, are now classified as a financing activity in the Consolidated S tatement s of Cash F lows. Refer to the discussion in Recent Accounting Pronouncements below for further details. |
Earnings Per Share (EPS) | Earnings Per Share (EPS) — Basic EPS is calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average common shares outstanding during the period, plus dilutive potential common shares which is calculated using the treasury-stock method. Under the treasury-stock method, potential common shares are excluded from the computation of EPS in periods in which they have an anti-dilutive effect. Net income per share of Class A and Class B common stock is computed in accordance with a two-class method of earnings allocation. As such, any undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of cash dividends that each class is entitled to receive. The Company did not compute earnings per share using the two-class method for the years ended December 31, 2017 , 2016 and 2015 , as there were no undistributed earnings during the periods. Also, during 2017 , 2016 and 2015 , the dividends declared and paid per share of Class A and Class B common stock were the same. |
Recent Accounting Pronouncements | Recent Accounting Pronouncement s In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “ Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting , ” which provides guidance on the various types of changes which would trigger modification accounting for share-based payment awards. In summary, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which for the Company will be effective for the fiscal year beginning January 1, 2018. The amendments are to be applied prospectively to an award modified on or after the adoption date, consequently the impact will be dependent on whether the Company modifies any of its share-based payment awards and the nature of such modifications. In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-01, “ Business Combinations (Topic 805) Clarifying the Definition of a Business ” . The amendments in this ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, which for the Company will be effective for the fiscal year beginning January 1, 2018. Since the new standard is applied prospectively and no disclosures are required at transition, the adoption of this new standard will not have an impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ,” which addresses eight specific cash flow issues and is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, which for the Company will be effective for the fiscal year beginning January 1, 2018. The amendments in the ASU should be applied using a retrospective transition method to each period presented. The Company does not expect that the adoption of this new standard will have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting .” This update simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update contains various amendments, each requiring a specific method of adoption, and designates whether each amendment should be adopted using a retrospective, modified retrospective, or prospective transition method. The new guidance was adopted on January 1, 2017. The impact of adoption of the update is summarized below: · All excess tax benefits and deficiencies that result from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes related to our share-based payment awards will be recognized as income tax benefit or expense in the income statement instead of as an adjustment to additional paid-in capital. In addition, excess tax benefits are no longer included in the calculation of diluted shares outstanding for purposes computing diluted earnings per share under the treasury stock method. The transition guidance related to these changes has been adopted by the Company on a prospective basis. During 2017, we recorded $1,604 of excess tax benefits related to the vesting of our share-based awards. Prior to adoption, this amount was recorded in additional paid-in capital. This change reduced the Company’s effective tax rate from 52% to 49% for 2017. · An entity is now required to recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Under the required modified retrospective transition, the Company had no cumulative-effect adjustment to retained earnings at January 1, 2017, as the Company had no previously unrecognized excess tax benefits. · Excess tax benefits will be classified along with other income tax cash flows as an operating activity on the statement of cash flows. Prior to the update, excess tax benefits were separated from other income tax cash flows and classified as a financing activity. In fiscal year 2016 and 2015, excess tax benefits of $893 and $431 , respectively, were recorded as part of financing cash inflows. The Company adopted these changes on a prospective basis. · Cash paid by an employer when directly withholding shares for tax-withholding purposes upon vesting of a share-based payment award are now classified as a financing activity on the statement of cash flows rather than as operating cash outflows. This amendment has been adopted by the Company on a retrospective basis. As a result of the retrospective adoption of this amendment, cash outflows of $5,544 and $2,855 were reclassified in the accompanying Consolidated Statements of Cash Flows from "Changes in accounts payable, accrued expenses and other liabilities" to "Taxes paid related to net settlement upon vesting of equity awards " for 2016 and 2015, respectively. · The threshold to qualify for equity classification of a share-based payment award would now permit withholding up to a maximum individual statutory tax rate in the applicable jurisdictions. The Company had no share-based payment awards receiving liability treatment under the prior rules. Therefore, the change from minimum up to a maximum statutory rate on tax withholdings had no impact on our consolidated financial statements and no cumulative effect adjustment was required. · The Company has elected to continue its current policy of estimating forfeitures rather than recognizing forfeitures when they occur. In March 2016, the FASB issued ASU No. 2016-07, “ Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ”. The amendments eliminate the requirement to retroactively adopt the equity method of accounting when a change in ownership occurs. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investment and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. This new guidance was adopted on January 1, 2017 with no impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842) ,” which will supersede the existing guidance for lease accounting. This new standard will require lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The new standard requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, which for the Company will be effective for the fiscal year beginning January 1, 2019. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. While we are evaluating the impact that the new guidance will have on our consolidated financial statements, we currently expect a gross-up of our consolidated balance sheet as a result of recognizing right of use assets and lease liabilities. The extent of such gross-up remains to be determined once we complete a review of our existing lease contracts (we are primarily a lessee) and service contracts, which may contain embedded leases. In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ,” which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under equity method of accounting). Under the new guidance, entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in other comprehensive income, and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The guidance for classifying and measuring investments in debt securities and loans is not impacted. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for the Company is effective for the fiscal year beginning January 1, 2018. The new guidance must be applied on a modified retrospective basis, with the exception of the amendments related to equity investments without readily determinable fair values, which must be applied on a prospective basis. The Company does not expect that the adoption of this new standard will have a material impact on our consolidated financial statements. The Company’s current available-for-sale securities are invested primarily in debt securities which are not subject to the new guidance, therefore, we will continue to record any unrealized gains or losses on these available-for-sale debt securities through accumulated other comprehensive income. The new guidance will be applied prospectively starting on January 1, 2018 for the Company’s equity investments that do not have readily determinable fair values (i.e. our current cost method investments), therefore, we do not expect any impact upon adoption related to these equity investments. The Company intends to elect to record these equity investments without readily determinable fair values at cost, less impairment, if any, plus or minus subsequent adjustments for observable price changes. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory ,” which requires all inventory to be measured at the lower of cost and net realizable value, except for inventory that is accounted for using the LIFO or the retail inventory method, which will be measured under existing accounting standards. The new guidance must be applied on a prospective basis and was adopted on January 1, 2017 with no impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (Topic 606) ." This standard will supersede the revenue recognition requirements in ASC 605, " Revenue Recognition ," and most industry-specific guidance. The standard requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. During 2016, the FASB issued additional interpretive guidance relating to the standard which covered the topics of principal versus agent considerations and identifying performance obligations and licensing. The standard along with the subsequent clarifications issued are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years, making it effective for our fiscal year beginning January 1, 2018. The standard allows an entity to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. We have completed our evaluation of the impact of the new standard and concluded the most significant impact will be an acceleration in the timing of revenue recognition in our licensing and WWE Studios businesses. These businesses collectively do not represent a significant percentage of total annual revenue for the Company. We currently record revenues from our licensed products and WWE Studios film distribution revenues after receiving statements from the licensee and/or film distributor. Under the new revenue recognition rules, revenues will be recorded based on best estimates available in the period of sales or usage. We do not expect the impact of this change to be material on a full-year basis, but will likely impact the revenues recorded in a specific quarter as compared to previously reported periods. We intend to adopt the standard and the related modifications on January 1, 2018, using the modified retrospective approach. Under this approach, the cumulative effect of initially applying the guidance will be reflected as an adjustment to beginning retained earnings. We are refining our final cumulative effect adjustment to retained earnings but expect that the adjustment will range between $10,000 and $14,000 on a net , tax effected , basis with the majority of the adjustment related to our licensing business. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cost of Revenues | Year Ended December 31, 2017 2016 2015 Amortization and impairment of feature film assets $ 17,377 $ 6,662 $ 3,891 Amortization of television production assets 21,137 26,933 30,591 Amortization of WWE Network content delivery and technology assets 5,970 4,832 3,870 Total amortization and impairment included in cost of revenues $ 44,484 $ 38,427 $ 38,352 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Year Ended December 31, 2017 2016 2015 Net income $ 32,640 $ 33,841 $ 24,144 Weighted average basic common shares outstanding 76,743 76,149 75,696 Dilutive effect of restricted and performance stock units 1,721 1,385 634 Dilutive effect of employee share purchase plan 7 5 3 Weighted average dilutive common shares outstanding 78,471 77,539 76,333 Earnings per share: Basic $ 0.43 $ 0.44 $ 0.32 Diluted $ 0.42 $ 0.44 $ 0.32 Anti-dilutive outstanding restricted and performance stock units (excluded from per-share calculations) — — — |
Investment Securities And Sho34
Investment Securities And Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment Securities And Short-Term Investments [Abstract] | |
Schedule Of Investment Securities | As of December 31, 2017 2016 Equity method investment $ 14,664 $ 14,592 Cost method investments 12,703 10,365 Total investment securities $ 27,367 $ 24,957 |
Schedule Of Tapout Investment | Year Ended December 31, 2017 2016 2015 Net equity method earnings from Tapout $ 1,141 $ 1,619 $ 994 Net dividends received from Tapout (1,084) (1,190) (941) Equity in earnings of affiliate, net of dividends received $ 57 $ 429 $ 53 |
Schedule of Short-Term Investments Measured at Fair Value | December 31, 2017 December 31, 2016 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value U.S. Treasury securities $ 73,169 $ — $ (479) $ 72,690 $ — $ — $ — $ — Corporate bonds 58,003 — (329) 57,674 40,183 9 (58) 40,134 Municipal bonds 17,538 7 (99) 17,446 15,075 — (45) 15,030 Government agency bonds 12,007 — (73) 11,934 — — — — Total $ 160,717 $ 7 $ (980) $ 159,744 $ 55,258 $ 9 $ (103) $ 55,164 |
Schedule of Contractual Maturities of Short-Term Investment Bonds | Maturities U.S. Treasury securities 1 month - 3 years Corporate bonds 1 month - 5 years Municipal bonds 1 month - 2 years Government agency bonds 2 months - 4 years |
Summary of Short-Term Investment Activity | Year Ended December 31, 2017 2016 2015 Proceeds from maturities and calls of short-term investments $ 35,660 $ 8,065 $ 24,125 Purchases of short-term investments $ 142,373 $ — $ 21,624 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurement [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | Fair Value at December 31, 2017 Fair Value at December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 72,690 $ — $ 72,690 $ — $ — $ — $ — $ — Corporate bonds 57,674 — 57,674 — 40,134 — 40,134 — Municipal bonds 17,446 — 17,446 — 15,030 — 15,030 — Government agency bonds 11,934 — 11,934 — — — — — Total $ 159,744 $ — $ 159,744 $ — $ 55,164 $ — $ 55,164 $ — |
Schedule Of Fair Value Of Debt Instruments | December 31, 2017 December 31, 2016 Fair Value Carrying Value (1) Fair Value Carrying Value Convertible senior notes $ 182,661 $ 182,783 $ 166,702 $ 166,050 (1) The carrying value of the debt instrument presented in the table above represents the face value of the convertible note less unamortized debt discount. |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Schedule of Property and Equipment | As of December 31, 2017 2016 Land, buildings and improvements $ 134,052 $ 130,330 Equipment 98,245 136,114 Corporate aircraft 31,277 31,277 Vehicles 905 244 264,479 297,965 Less accumulated depreciation and amortization (133,154) (165,334) Total $ 131,325 $ 132,631 |
Feature Film Production Asset37
Feature Film Production Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Feature Film Production Assets, Net [Abstract] | |
Schedule of Feature Film Production Assets | As of December 31, 2017 2016 In release $ 15,869 $ 13,892 Completed but not released 2,211 8,881 In production 3,107 3,387 In development 1,113 977 Total $ 22,300 $ 27,137 |
Television Production Assets,38
Television Production Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Television Production Assets, Net [Abstract] | |
Schedule of Television Production Assets | As of December 31, 2017 2016 In release $ 3,765 $ 12,198 In production 3,527 310 Total $ 7,292 $ 12,508 |
Amortization of Television Production Assets | For the year ended December 31, 2017 2016 2015 Television programming $ 17,399 $ 15,860 $ 21,984 WWE Network programming 3,738 11,073 8,607 Total $ 21,137 $ 26,933 $ 30,591 |
Accounts Payable and Accrued 39
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | As of December 31, 2017 2016 Trade related $ 12,727 $ 10,118 Staff related 7,980 7,494 Management incentive compensation 21,556 21,542 Talent related 5,356 6,969 Accrued WWE Network related expenses 2,633 2,120 Accrued event and television production 7,929 7,031 Accrued legal and professional 5,182 1,952 Accrued purchases of property and equipment 2,334 2,940 Accrued film liability 1,993 366 Accrued other 10,048 9,828 Total $ 77,738 $ 70,360 |
Long-Term Debt And Credit Fac40
Long-Term Debt And Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt And Credit Facilities [Abstract] | |
Schedule of Debt | As of December 31, December 31, 2017 2016 Current portion of long-term debt : Film Credit Facility $ — $ 1,583 Aircraft financing 4,638 4,538 Total current portion of long-term debt 4,638 6,121 Long-term debt : Aircraft financing $ 7,958 $ 12,596 Mortgage 23,000 23,000 Total long-term debt 30,958 35,596 Total $ 35,596 $ 41,717 |
Schedule of Principal Repayments Under Note Obligation | December 31, 2018 $ 4,638 December 31, 2019 4,740 December 31, 2020 3,218 $ 12,596 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Convertible Debt [Abstract] | |
Schedule Of Convertible Notes | As of December 31, 2017 2016 Debt component : Principal $ 215,000 $ 200,000 Less: Unamortized debt discount (32,217) (33,950) Less: Unamortized debt issuance costs (4,883) (5,042) Net carrying amount $ 177,900 $ 161,008 Equity component (1) $ 35,547 $ 33,060 (1) Recorded in the Consolidated Balance Sheets within additional paid-in capital, net of the $1,110 issuance costs in equity. |
Schedule Of Interest Expense Recognized | For the year ended December 31, 2017 2016 3.375% contractual coupon $ 7,232 $ 262 Amortization of debt discount 4,290 151 Amortization of debt issuance costs 553 19 Interest expense $ 12,075 $ 432 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Components of Tax Provision | Year Ended December 31, 2017 2016 2015 Current taxes: Federal $ 7,785 $ (1,931) $ 12,107 State and local 1,313 1,210 2,537 Foreign 8,750 7,940 7,112 Deferred taxes: Federal 13,177 11,582 (9,736) State and local 396 560 78 Foreign (1) 11 (16) Total income tax expense $ 31,420 $ 19,372 $ 12,082 |
Schedule of Components of (Loss) Income Before Income Taxes | Year Ended December 31, 2017 2016 2015 United States $ 62,280 $ 51,160 $ 35,306 Foreign 1,780 2,053 920 Total income before income taxes $ 64,060 $ 53,213 $ 36,226 |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2017 2016 2015 Statutory U.S. federal tax at 35% $ 22,421 $ 18,625 $ 12,679 State and local taxes, net of federal tax benefit 1,472 1,496 1,848 Foreign rate differential (298) (327) (97) Tax exempt interest income (86) (55) (52) Qualified production activity deduction (1,750) (942) (2,077) Unrecognized tax benefits (146) (248) (447) Meals and entertainment 317 308 284 Deferred tax asset remeasurement 10,878 — — Deemed repatriation transition tax 406 — — Excess tax benefits related to the vesting of share-based compensation (1,604) — — Other (190) 515 (56) Provision for income taxes $ 31,420 $ 19,372 $ 12,082 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | As of December 31, 2017 2016 Deferred tax assets: Accounts receivable $ 310 $ 2,206 Inventory 1,696 3,273 Deferred income 8,670 18,715 Stock compensation 7,173 8,937 Net operating loss carryforward 1,195 1,160 Foreign tax credits — 302 Investments 238 44 Intangible assets 1,673 2,650 Capitalized feature film production costs 1,316 717 Accrued liabilities and reserves 1,191 722 Federal benefit related to uncertain tax positions 103 163 Deferred tax assets, gross 23,565 38,889 Valuation allowance (1,195) (1,160) Deferred tax assets, net 22,370 37,729 Deferred tax liabilities: Property and equipment depreciation (2,380) (4,326) Investments (1,006) (847) Deferred tax liabilities (3,386) (5,173) Total deferred tax assets, net $ 18,984 $ 32,556 |
Schedule of Unrecognized Tax Benefit Activity | Year Ended December 31, 2017 2016 Beginning Balance- January 1 $ 487 $ 818 Increase to unrecognized tax benefits recorded for positions taken during the current year 56 77 Decrease to unrecognized tax benefits recorded for positions taken during a prior period — (51) Decrease to unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (154) (357) Ending Balance- December 31 $ 389 $ 487 |
Film and Television Productio43
Film and Television Production Incentives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Film And Television Production Incentives [Abstract] | |
Schedule Of Film And Television Production Incentives | Year Ended December 31, 2017 2016 2015 Television production incentives $ 11,260 $ 12,982 $ 11,100 Feature film production incentives $ 3,683 $ 1,347 $ 1,639 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Schedule of Future Minimum Payments Under Agreements | Operating Service Contracts Service Lease and Talent Agreement Commitments Commitments Commitments Total 2018 $ 5,026 $ 27,582 $ 6,417 $ 39,025 2019 4,540 19,956 — 24,496 2020 2,490 14,327 — 16,817 2021 1,590 7,164 — 8,754 2022 1,563 5,902 — 7,465 Thereafter 6,392 702 — 7,094 Total $ 21,601 $ 75,633 $ 6,417 $ 103,651 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of RSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2017 356,761 $ 16.68 Granted 308,888 $ 19.60 Vested (145,098) $ 17.16 Forfeited (54,448) $ 17.75 Dividend equivalents 11,689 $ 18.12 Unvested at December 31, 2017 477,792 $ 18.33 |
Summary of PSU Activity | Units Weighted- Average Grant-Date Fair Value Unvested at January 1, 2017 2,161,311 $ 16.39 Granted 550,460 $ 30.58 Achievement adjustment 282,662 $ 20.96 Vested (897,338) $ 17.05 Forfeited (84,942) $ 24.62 Dividend equivalents 41,778 $ 18.03 Unvested at December 31, 2017 2,053,931 $ 21.37 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock-Based Compensation Expense | Year Ended December 31, 2017 2016 2015 Stock-based compensation expense $ 3,519 $ 2,407 $ 1,706 Tax benefits realized 2,920 1,775 666 Weighted-average grant-date fair value of RSUs granted 6,054 3,825 3,288 Fair value of RSUs vested 2,490 1,580 849 |
Performance Stock Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock-Based Compensation Expense | Year Ended December 31, 2017 2016 2015 Stock-based compensation expense $ 20,356 $ 15,361 $ 15,088 Tax benefits realized 18,538 11,525 7,028 Weighted-average grant-date fair value of PSUs granted 16,833 17,604 17,843 Fair value of PSUs vested 15,301 9,763 6,078 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Summary of Financial Information for Reportable Segments | Year Ended December 31, 2017 2016 2015 Net revenues: Network $ 197,876 $ 180,895 $ 159,407 Television 270,217 241,730 231,115 Home Entertainment 8,635 13,110 13,434 Digital Media 34,479 26,937 21,448 Live Events 151,705 144,358 124,667 Licensing 52,126 49,126 48,913 Venue Merchandise 23,742 24,198 22,428 WWEShop 37,815 34,607 27,074 WWE Studios 18,618 10,094 7,082 Corporate & Other 5,746 4,161 3,200 Total net revenues $ 800,959 $ 729,216 $ 658,768 Depreciation and amortization: Network $ 6,897 $ 6,045 $ — Television 4,756 5,026 8,955 Home Entertainment 56 20 — Digital Media 175 342 1,254 Live Events — 2 22 WWE Studios — — 8 Corporate & Other 14,166 12,976 12,521 Total depreciation and amortization $ 26,050 $ 24,411 $ 22,760 OIBDA: Network (1) $ 64,176 $ 43,020 $ 48,364 Television (1) 139,446 119,814 96,967 Home Entertainment 1,624 5,249 4,624 Digital Media 10,252 4,576 4,384 Live Events 42,254 41,807 37,986 Licensing 31,119 27,430 28,795 Venue Merchandise 9,116 9,764 8,870 WWEShop 8,289 7,338 5,148 WWE Studios (3,642) (258) (1,487) Corporate & Other (2) (201,006) (178,688) (172,097) Total OIBDA $ 101,628 $ 80,052 $ 61,554 |
Reconciliation of Total Operating (Loss) Income to Total OIBDA | Year Ended December 31, 2017 2016 2015 Total operating income $ 75,578 $ 55,641 $ 38,794 Depreciation and amortization 26,050 24,411 22,760 Total OIBDA (2) $ 101,628 $ 80,052 $ 61,554 (1) Beginning on January 1, 2016, the Company started allocating certain shared costs and expenses between our Network and Television segments. We believe this allocation more accurately reflects the operations of each of these reportable segments. The impact of this allocation methodology during the year ended December 31, 2016 was a decline to Network segment OIBDA of $15,427 , with a corresponding increase of $15,427 to Television segment OIBDA. The allocation methodology had no impact on our consolidated financial statements. Prior year Network and Television segment results were not revised for this prospective change in the allocation method. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion. (2) The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment , for further discussion. |
Schedule of Net Revenues by Major Geographic Region | Year Ended December 31, 2017 2016 2015 North America $ 599,697 $ 539,917 $ 488,957 Europe/Middle East/Africa 125,639 122,728 112,326 Asia Pacific 61,568 54,699 49,348 Latin America 14,055 11,872 8,137 Total net revenues $ 800,959 $ 729,216 $ 658,768 |
Selected Quarterly Financial 47
Selected Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Selected Quarterly Financial Information | 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2017 (1) (2) (1) (1) (2) (1) (2) (3) Net revenues $ 188,444 $ 214,586 $ 186,325 $ 211,604 Cost of revenues $ 109,153 $ 136,387 $ 95,233 $ 118,208 Net income $ 888 $ 5,085 $ 21,854 $ 4,813 Net income per common share: basic $ 0.01 $ 0.07 $ 0.28 $ 0.06 2016 Net revenues $ 171,100 $ 198,994 $ 164,162 $ 194,960 Cost of revenues $ 93,334 $ 132,020 $ 87,637 $ 117,041 Net income $ 13,885 $ 862 $ 11,075 $ 8,019 Net income per common share: basic $ 0.18 $ 0.01 $ 0.15 $ 0.10 (1) Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078 , $1,084 , $759 and $1,551 , respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets , for further discussion. (2) Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615 , respectively , related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530 , $9,638 and $814 , respectively, related to television production incentives. Net inc ome for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes , for further discussion |
Basis Of Presentation And Bus48
Basis Of Presentation And Business Description (Details) | 12 Months Ended |
Dec. 31, 2017item | |
Basis Of Presentation And Business Description [Abstract] | |
Number of principal activities | 4 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Excess tax benefits from stock-based payment arrangements | $ 893,000 | $ 431,000 | |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Effective income tax rate on (loss) income from continuing operations | 49.00% | 36.40% | 33.40% |
Taxes paid related to net settlement upon vesting of equity awards | $ 9,164,000 | $ 5,544,000 | $ 2,855,000 |
Period of estimate of ultimate revenues from the date of film's initial release | 10 years | ||
Period of final reconciliation of pay-per-view buys | 1 year | ||
Deferred revenue, noncurrent | $ 13,977,000 | 30,697,000 | |
Advertising expenses | 23,629,000 | 22,122,000 | 25,260,000 |
Undistributed earnings | 0 | 0 | 0 |
Accounting Standards Update 2016-09 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Excess tax benefits from stock-based payment arrangements | $ 1,604,000 | ||
Effective income rate without adoption of new accounting standards | 52.00% | ||
Effective income tax rate on (loss) income from continuing operations | 49.00% | ||
Scenario, Previously Reported [Member] | Accounting Standards Update 2016-09 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Excess tax benefits from stock-based payment arrangements | 893,000 | 431,000 | |
Restatement Adjustment [Member] | Accounting Standards Update 2016-09 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Taxes paid related to net settlement upon vesting of equity awards | 5,544,000 | $ 2,855,000 | |
Domestic Television Rights [Member] | |||
Significant Accounting Policies [Line Items] | |||
Deferred revenue, noncurrent | $ 21,475,000 | $ 34,375,000 | |
Corporate Aircraft [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Minimum [Member] | Accounting Standards Update 2014-09 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Accounting change effect on retained earnings | $ 10,000,000 | ||
Minimum [Member] | Vehicles [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Minimum [Member] | Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Minimum [Member] | Buildings And Related Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | Accounting Standards Update 2014-09 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Accounting change effect on retained earnings | $ 14,000,000 | ||
Maximum [Member] | Vehicles [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | Buildings And Related Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 39 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Performance Stock Units (PSUs) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Television Rights [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Period of typical distribution agreement | 1 year | ||
Television Rights [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Period of typical distribution agreement | 5 years | ||
Tapout [Member] | |||
Significant Accounting Policies [Line Items] | |||
Deferred revenue, noncurrent | $ 2,997,000 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Cost of Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Amortization and impairment of feature film assets | $ 17,377 | $ 6,662 | $ 3,891 |
Amortization of television production assets | 21,137 | 26,933 | 30,591 |
Amortization of WWE Network content delivery and technology assets | 5,970 | 4,832 | 3,870 |
Total amortization and impairment included in cost of revenues | $ 44,484 | $ 38,427 | $ 38,352 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Warrant strike price | $ 31.89 | $ 31.89 |
3.375% Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Conversion price | $ 24.91 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | [1],[2],[3] | Sep. 30, 2017 | [1],[3] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1],[3] | Dec. 31, 2016 | [1],[2],[3] | Sep. 30, 2016 | [1],[3] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1],[3] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income | $ 4,813 | $ 21,854 | $ 5,085 | $ 888 | $ 8,019 | $ 11,075 | $ 862 | $ 13,885 | $ 32,640 | $ 33,841 | $ 24,144 | ||||||||
Weighted average basic common shares outstanding | 76,743 | 76,149 | 75,696 | ||||||||||||||||
Dilutive effect of restricted and performance stock units | 1,721 | 1,385 | 634 | ||||||||||||||||
Dilutive effect of employee share purchase plan | 7 | 5 | 3 | ||||||||||||||||
Weighted average dilutive common shares outstanding | 78,471 | 77,539 | 76,333 | ||||||||||||||||
Basic | $ 0.06 | $ 0.28 | $ 0.07 | $ 0.01 | $ 0.10 | $ 0.15 | $ 0.01 | $ 0.18 | $ 0.43 | $ 0.44 | $ 0.32 | ||||||||
Diluted | $ 0.42 | $ 0.44 | $ 0.32 | ||||||||||||||||
[1] | Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078, $1,084, $759 and $1,551, respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets, for further discussion. | ||||||||||||||||||
[2] | Net income for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes, for further discussion | ||||||||||||||||||
[3] | Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615, respectively, related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530, $9,638 and $814, respectively, related to television production incentives. |
Investment Securities and Sho53
Investment Securities and Short-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | |||
Cost Method Investments | $ 12,703 | $ 10,365 | |
Impairment charge | 0 | 0 | $ 0 |
Equity investment, impairment | 0 | 0 | |
Deferred revenue, current | 55,818 | 56,653 | |
Deferred revenue, noncurrent | $ 13,977 | 30,697 | |
Tapout [Member] | |||
Investment [Line Items] | |||
Duration of joint venture | 5 years | ||
Ownership interest | 50.00% | ||
Interest in Tapout | $ 13,800 | ||
Investment revenue | 2,720 | 2,893 | $ 2,430 |
Deferred revenue | 5,757 | ||
Deferred revenue, current | 2,760 | ||
Deferred revenue, noncurrent | 2,997 | ||
Tapout [Member] | Maximum [Member] | |||
Investment [Line Items] | |||
Maximum exposure to loss | 5,757 | ||
Fantasy Sports Contest Provider [Member] | |||
Investment [Line Items] | |||
Cost Method Investments | 1,000 | ||
Subscription-Based Sports Media Company [Member] | |||
Investment [Line Items] | |||
Cost Method Investments | 1,000 | ||
Virtual Reality Platform Operator [Member] | |||
Investment [Line Items] | |||
Cost Method Investments | 200 | $ 250 | |
E-Sports Company [Member] | |||
Investment [Line Items] | |||
Cost Method Investments | 2,000 | ||
Drone Racing Sports Company [Member] | |||
Investment [Line Items] | |||
Cost Method Investments | $ 100 |
Investment Securities and Sho54
Investment Securities and Short-Term Investments (Schedule Of Investment Securities ) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Securities And Short-Term Investments [Abstract] | ||
Equity method investment | $ 14,664 | $ 14,592 |
Cost method investments | 12,703 | 10,365 |
Total investment securities | $ 27,367 | $ 24,957 |
Investment Securities and Sho55
Investment Securities and Short-Term Investments (Schedule Of Tapout Investment ) (Details) - Tapout [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Net equity method earnings from Tapout | $ 1,141 | $ 1,619 | $ 994 |
Net dividends received from Tapout | (1,084) | (1,190) | (941) |
Equity in earnings of affiliate, net of dividends received | $ 57 | $ 429 | $ 53 |
Investment Securities and Sho56
Investment Securities and Short-Term Investments (Schedule of Short-Term Investments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 160,717 | $ 55,258 |
Gross Unrealized Gain | 7 | 9 |
Gross Unrealized (Loss) | (980) | (103) |
Fair Value | 159,744 | 55,164 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 73,169 | |
Gross Unrealized (Loss) | (479) | |
Fair Value | 72,690 | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 58,003 | 40,183 |
Gross Unrealized Gain | 9 | |
Gross Unrealized (Loss) | (329) | (58) |
Fair Value | 57,674 | 40,134 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,538 | 15,075 |
Gross Unrealized Gain | 7 | |
Gross Unrealized (Loss) | (99) | (45) |
Fair Value | 17,446 | $ 15,030 |
Government Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,007 | |
Gross Unrealized (Loss) | (73) | |
Fair Value | $ 11,934 |
Investment Securities and Sho57
Investment Securities and Short-Term Investments (Schedule of Contractual Maturities of Short-Term Investment Bonds) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
US Treasury Securities [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
US Treasury Securities [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 3 years |
Corporate Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
Corporate Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 5 years |
Municipal Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
Municipal Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 years |
Government Agency Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 months |
Government Agency Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 4 years |
Investment Securities and Sho58
Investment Securities and Short-Term Investments (Summary of Short-Term Investment Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Securities And Short-Term Investments [Abstract] | |||
Proceeds from maturities and calls of short-term investments | $ 35,660 | $ 8,065 | $ 24,125 |
Purchases of short-term investments | $ 142,373 | $ 21,624 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Impairment charge | $ 0 | $ 0 | $ 0 | |||||
Loss on an abandoned capital project | 7,125 | |||||||
3.375% Convertible Notes [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Effective rate | 6.40% | 6.40% | ||||||
Feature Film Production Assets [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Asset impairment charges | $ 1,551 | $ 759 | $ 1,084 | $ 2,078 | $ 823 | $ 5,472 | 823 | 490 |
Fair value of assets | $ 4,347 | $ 1,354 | $ 4,347 | $ 1,354 | $ 1,430 | |||
Discount rate | 13.00% |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule of Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 159,744 | $ 55,164 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 159,744 | 55,164 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 159,744 | 55,164 |
Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,690 | |
US Treasury Securities [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,690 | |
US Treasury Securities [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
US Treasury Securities [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,690 | |
US Treasury Securities [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57,674 | 40,134 |
Corporate Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57,674 | 40,134 |
Corporate Bonds [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Corporate Bonds [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57,674 | 40,134 |
Corporate Bonds [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17,446 | 15,030 |
Municipal Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17,446 | 15,030 |
Municipal Bonds [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Municipal Bonds [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17,446 | 15,030 |
Municipal Bonds [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,934 | |
Government Agency Bonds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,934 | |
Government Agency Bonds [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Government Agency Bonds [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,934 | |
Government Agency Bonds [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities |
Fair Value Measurement (Sched61
Fair Value Measurement (Schedule Of Fair Value Of Debt Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible senior notes | $ 182,661 | $ 166,702 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible senior notes | $ 182,783 | [1] | $ 166,050 |
[1] | The carrying value of the debt instrument presented in the table above represents the face value of the convertible note less unamortized debt discount. |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 24,680 | $ 23,195 | $ 21,107 |
Loss on an abandoned capital project | $ 7,125 | ||
Property and equipment | 131,325 | 132,631 | |
Property and equipment reduction | 57,255 | ||
Reduction of accumulated depreciation | $ 56,896 | ||
Stamford, Connecticut Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property acquisition date | Sep. 1, 2016 | ||
Property and equipment | $ 23,832 | $ 24,074 |
Property And Equipment (Schedul
Property And Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 264,479 | $ 297,965 |
Less accumulated depreciation and amortization | (133,154) | (165,334) |
Total | 131,325 | 132,631 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 134,052 | 130,330 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 98,245 | 136,114 |
Corporate Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 31,277 | 31,277 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | $ 905 | $ 244 |
Feature Film Production Asset64
Feature Film Production Assets, Net (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Future amortization expense, percentage, within twelve months | 34.00% | |||||||
Future amortization expense, percentage, one through three years | 69.00% | 69.00% | ||||||
Future amortization expense, percentage, one through four years | 80.00% | |||||||
Amortization of feature film production assets | $ | $ 11,748 | $ 5,720 | $ 3,401 | |||||
Number of feature films | 4 | 4 | ||||||
Number of films direct to DVD | 5 | 1 | ||||||
Total number of films | 9 | 5 | ||||||
Theatrical film costs released during period | $ | $ 7,458 | $ 4,130 | $ 7,458 | $ 4,130 | ||||
Number of theatrical films completed but not released | 1 | |||||||
Number of theatrical films in production | 2 | |||||||
Cost of theatrical film development | $ | $ 157 | 119 | 0 | |||||
Feature Film Production Assets [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Asset impairment charges | $ | $ 1,551 | $ 759 | $ 1,084 | $ 2,078 | $ 823 | $ 5,472 | $ 823 | $ 490 |
Feature Film Production Asset65
Feature Film Production Assets, Net (Schedule of Feature Film Production Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Feature Film Production Assets, Net [Abstract] | ||
In release | $ 15,869 | $ 13,892 |
Completed but not released | 2,211 | 8,881 |
In production | 3,107 | 3,387 |
In development | 1,113 | 977 |
Total | $ 22,300 | $ 27,137 |
Television Production Assets,66
Television Production Assets, Net (Schedule of Television Production Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Television Production Assets, Net [Abstract] | ||
In release | $ 3,765 | $ 12,198 |
In production | 3,527 | 310 |
Total | $ 7,292 | $ 12,508 |
Television Production Assets,67
Television Production Assets, Net (Amortization of Television Production Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 11,748 | $ 5,720 | $ 3,401 |
Television Production Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 21,137 | 26,933 | 30,591 |
Asset impairment charges | 0 | 0 | 0 |
Television Production Assets [Member] | Television [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 17,399 | 15,860 | 21,984 |
Television Production Assets [Member] | Network [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 3,738 | $ 11,073 | $ 8,607 |
Accounts Payable And Accrued 68
Accounts Payable And Accrued Expenses (Narrative) (Details) | Dec. 31, 2017 |
Maximum [Member] | |
Individual accrual categories percentage of current liabilities | 5.00% |
Accounts Payable And Accrued 69
Accounts Payable And Accrued Expenses (Schedule of Accounts Payable and Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Trade related | $ 12,727 | $ 10,118 |
Staff related | 7,980 | 7,494 |
Management incentive compensation | 21,556 | 21,542 |
Talent related | 5,356 | 6,969 |
Accrued WWE Network related expenses | 2,633 | 2,120 |
Accrued event and television production | 7,929 | 7,031 |
Accrued legal and professional | 5,182 | 1,952 |
Accrued purchases of property and equipment | 2,334 | 2,940 |
Accrued film liability | 1,993 | 366 |
Accrued other | 10,048 | 9,828 |
Total | $ 77,738 | $ 70,360 |
Long-Term Debt And Credit Fac70
Long-Term Debt And Credit Facilities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)entity | Dec. 31, 2017USD ($)entity | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Debt issuance cost, expensed in termination | $ 397,000 | ||
Mortgage [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 23,000,000 | $ 23,000,000 | |
Interest rate | 4.50% | 4.50% | |
Monthly installments, interest only | $ 86,000 | ||
Monthly installments, interest and principal | $ 117,000 | ||
Maturity date | Jul. 1, 2025 | ||
Aircraft Financing [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 31,568,000 | $ 31,568,000 | |
Interest rate | 2.18% | 2.18% | |
Monthly installments, interest and principal | $ 406,000 | ||
Maturity date | Aug. 7, 2020 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility borrowing capacity | $ 100,000,000 | $ 100,000,000 | |
Credit Facility amount outstanding | 0 | $ 0 | $ 0 |
Credit Facility unutilized commitment fee rate | 0.30% | ||
Credit Facility available debt capacity | $ 100,000,000 | $ 100,000,000 | |
Credit Facility maturity date | Jul. 29, 2021 | ||
Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility interest rate | 3.19% | 3.19% | |
Film Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Number of domestic subsidiaries | entity | 2 | 2 | |
Credit Facility | $ 35,000,000 | $ 35,000,000 |
Long-Term Debt And Credit Fac71
Long-Term Debt And Credit Facilities (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 4,638 | $ 6,121 |
Long-term debt | 30,958 | 35,596 |
Debt | 35,596 | 41,717 |
Film Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 1,583 | |
Aircraft Financing [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 4,638 | 4,538 |
Long-term debt | 7,958 | 12,596 |
Debt | 12,596 | |
Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 23,000 | $ 23,000 |
Long-Term Debt And Credit Fac72
Long-Term Debt And Credit Facilities (Schedule of Principal Repayments Under Note Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 35,596 | $ 41,717 |
Aircraft Financing [Member] | ||
Debt Instrument [Line Items] | ||
December 31, 2017 | 4,638 | |
December 31, 2018 | 4,740 | |
December 31, 2019 | 3,218 | |
Debt | $ 12,596 |
Convertible Debt (Narrative) (D
Convertible Debt (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($)item$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Jan. 11, 2017USD ($) | Dec. 12, 2016$ / shares | |
Debt Instrument [Line Items] | ||||||
Purchase of convertible note hedge | $ 2,558,000 | $ 34,100,000 | $ 36,658,000 | |||
Proceeds from issuance of warrants | $ 19,460,000 | $ 1,460,000 | $ 19,460,000 | |||
Convertible note hedge, shares covered by hedge | shares | 8,030,000 | |||||
Shares issuable under warrant agreement | shares | 8,030,000 | 602,107 | 8,030,000 | 602,107 | ||
Warrant strike price | $ / shares | $ 31.89 | $ 31.89 | $ 31.89 | $ 31.89 | ||
Percentage of warrant strike price in excess of stock price | 60.00% | 60.00% | ||||
Share Price | $ / shares | $ 19.93 | |||||
3.375% Convertible Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.375% | 3.375% | ||||
Maturity date | Jun. 15, 2023 | |||||
Proceeds from private placement | $ 14,534,000 | $ 193,899,000 | ||||
Effective rate | 6.40% | 6.40% | ||||
Conversion ratio, shares | 40.1405 | |||||
Conversion price | $ / shares | $ 24.91 | $ 24.91 | ||||
Non-cash interest expense, debt component | 5,454,000 | |||||
Non-cash interest expense, equity component | $ 1,110,000 | $ 1,110,000 | ||||
3.375% Convertible Notes [Member] | Initial Purchasers [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible debt authorized for issuance | $ 200,000,000 | $ 200,000,000 | ||||
Maturity date | Jun. 15, 2023 | |||||
3.375% Convertible Notes [Member] | Over-Allotment Option Exercise [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 15,000,000 | |||||
3.375% Convertible Notes [Member] | Conversion Scenario 1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Threshold within consecutive trading days | item | 20 | |||||
Threshold of consecutive trading days | item | 30 | |||||
3.375% Convertible Notes [Member] | Conversion Scenario 1 [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stock price trigger percent | 130.00% | |||||
3.375% Convertible Notes [Member] | Conversion Scenario 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Threshold within consecutive trading days | item | 5 | |||||
Threshold of consecutive trading days | item | 10 | |||||
Threshold percentage of stock price and conversion rate | 98.00% |
Convertible Debt (Schedule Of C
Convertible Debt (Schedule Of Convertible Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | |||
Debt | $ 35,596 | $ 41,717 | |
3.375% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 215,000 | 200,000 | |
Less: Unamortized debt discount | (32,217) | (33,950) | |
Less: Unamortized debt issuance costs | (4,883) | (5,042) | |
Debt | 177,900 | 161,008 | |
Equity component | [1] | 35,547 | 33,060 |
Non-cash interest expense, equity component | $ 1,110 | $ 1,110 | |
[1] | Recorded in the Consolidated Balance Sheets within additional paid-in capital, net of the $1,110 issuance costs in equity. |
Convertible Debt (Schedule Of I
Convertible Debt (Schedule Of Interest Expense Recognized) (Details) - 3.375% Convertible Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
3.375% contractual coupon | $ 7,232 | $ 262 |
Amortization of debt discount | 4,290 | 151 |
Amortization of debt issuance costs | 553 | 19 |
Interest expense | $ 12,075 | $ 432 |
Interest rate | 3.375% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred tax assets, net, included in non-current assets | $ 18,984 | $ 32,556 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 893 | $ 431 | ||
Effective income tax rate on (loss) income from continuing operations | 49.00% | 36.40% | 33.40% | |
Foreign withholding taxes paid on income | $ 8,453 | $ 7,460 | $ 6,860 | |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Deferred tax asset remeasurement | $ 10,878 | |||
Deemed repatriation transition tax | 406 | |||
Tax deductions from the exercise of restricted stock units and performance stock units | 21,457 | $ 13,301 | $ 7,694 | |
Valuation allowances | 1,195 | 1,160 | ||
Foreign tax credit carryforwards | 302 | |||
Previously unrecognized tax benefits recognized | 189 | 284 | ||
Potential interest and penalties related to uncertain tax positions | 70 | 28 | ||
Unrecognized tax benefits | 389 | 487 | $ 818 | |
Accrued interest | 84 | 192 | ||
Accrued penalties | 45 | $ 45 | ||
Estimated decrease of previously unrecognized tax benefits | (127) | |||
Scenario, Forecast [Member] | ||||
U.S. federal statutory income tax rate | 21.00% | |||
Accounting Standards Update 2016-09 [Member] | ||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 1,604 | |||
Effective income rate without adoption of new accounting standards | 52.00% | |||
Effective income tax rate on (loss) income from continuing operations | 49.00% |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Current taxes: Federal | $ 7,785 | $ (1,931) | $ 12,107 |
Current taxes: State and local | 1,313 | 1,210 | 2,537 |
Current taxes: Foreign | 8,750 | 7,940 | 7,112 |
Deferred taxes: Federal | 13,177 | 11,582 | (9,736) |
Deferred taxes: State and local | 396 | 560 | 78 |
Deferred taxes: Foreign | (1) | 11 | (16) |
Provision for income taxes | $ 31,420 | $ 19,372 | $ 12,082 |
Income Taxes (Schedule of Com78
Income Taxes (Schedule of Components of (Loss) Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
United States | $ 62,280 | $ 51,160 | $ 35,306 |
Foreign | 1,780 | 2,053 | 920 |
Income before income taxes | $ 64,060 | $ 53,213 | $ 36,226 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Statutory U.S. federal tax at 35% | $ 22,421 | $ 18,625 | $ 12,679 |
State and local taxes, net of federal tax benefit | 1,472 | 1,496 | 1,848 |
Foreign rate differential | (298) | (327) | (97) |
Tax exempt interest income | (86) | (55) | (52) |
Qualified production activity deduction | (1,750) | (942) | (2,077) |
Unrecognized tax benefits | (146) | (248) | (447) |
Meals and entertainment | 317 | 308 | 284 |
Deferred tax asset remeasurement | 10,878 | ||
Deemed repatriation transition tax | 406 | ||
Excess tax benefits related to the vesting of share-based compensation | (1,604) | ||
Other | (190) | 515 | (56) |
Provision for income taxes | $ 31,420 | $ 19,372 | $ 12,082 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Accounts receivable | $ 310 | $ 2,206 |
Inventory | 1,696 | 3,273 |
Deferred income | 8,670 | 18,715 |
Stock compensation | 7,173 | 8,937 |
Net operating loss carryforward | 1,195 | 1,160 |
Foreign tax credits | 302 | |
Investments | 238 | 44 |
Intangible assets | 1,673 | 2,650 |
Capitalized feature film production costs | 1,316 | 717 |
Accrued liabilities and reserves | 1,191 | 722 |
Federal benefit related to uncertain tax positions | 103 | 163 |
Deferred tax assets, gross | 23,565 | 38,889 |
Valuation allowance | (1,195) | (1,160) |
Deferred tax assets, net | 22,370 | 37,729 |
Property and equipment depreciaton | (2,380) | (4,326) |
Investments | (1,006) | (847) |
Deferred tax liabilities | (3,386) | (5,173) |
Total deferred tax assets, net | $ 18,984 | $ 32,556 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefit Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Beginning Balance | $ 487 | $ 818 |
Increase to unrecognized tax benefits recorded for positions taken during the current year | 56 | 77 |
Decrease to unrecognized tax benefits recorded for positions taken during a prior period | (51) | |
Decrease to unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (154) | (357) |
Ending Balance | $ 389 | $ 487 |
Film And Television Productio82
Film And Television Production Incentives (Schedule of Film and Television Production Incentives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Film And Television Production Incentives [Abstract] | ||||||||
Television production incentives | $ 615 | $ 10,645 | $ 814 | $ 9,638 | $ 2,530 | $ 11,260 | $ 12,982 | $ 11,100 |
Feature film production incentives | $ 3,683 | $ 1,347 | $ 1,639 |
Commitments And Contingencies83
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |||
Rent expense under operating lease commitments | $ 6,240 | $ 6,367 | $ 6,414 |
Commitments And Contingencies84
Commitments And Contingencies (Schedule of Future Minimum Payments Under Agreements) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
Operating Lease Commitments, 2018 | $ 5,026 |
Operating Lease Commitments, 2019 | 4,540 |
Operating Lease Commitments, 2020 | 2,490 |
Operating Lease Commitments, 2021 | 1,590 |
Operating Lease Commitments, 2022 | 1,563 |
Operating Lease Commitments, Thereafter | 6,392 |
Operating Lease Commitments, Total | 21,601 |
Service Contracts and Talent Commitments, 2018 | 27,582 |
Service Contracts and Talent Commitments, 2019 | 19,956 |
Service Contracts and Talent Commitments, 2020 | 14,327 |
Service Contracts and Talent Commitments, 2021 | 7,164 |
Service Contracts and Talent Commitments, 2022 | 5,902 |
Service Contracts and Talent Commitments, Thereafter | 702 |
Service Contracts and Talent Commitments, Total | 75,633 |
Service Agreement Commitments, 2018 | 6,417 |
Service Agreement Commitments, 2019 | |
Service Agreement Commitments, 2020 | |
Service Agreement Commitments, 2021 | |
Service Agreement Commitments, 2022 | |
Service Agreement Commitments, Thereafter | |
Service Agreement Commitments, Total | 6,417 |
Total, 2018 | 39,025 |
Total, 2019 | 24,496 |
Total, 2020 | 16,817 |
Total, 2021 | 8,754 |
Total, 2022 | 7,465 |
Total, Thereafter | 7,094 |
Total | $ 103,651 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)item$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | |
Common stock conversion basis | 1 | ||
Quarterly dividends paid per share | $ / shares | $ 0.12 | $ 0.12 | $ 0.12 |
Dividends paid | $ | $ 36,854 | $ 36,564 | $ 36,345 |
Common Class B [Member] | |||
Number of votes | 10 | ||
Common Class A [Member] | |||
Number of votes | 1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 3,600,000 | ||
Stock-based compensation expense | $ 24,151 | $ 18,099 | $ 17,232 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Total unrecognized stock-based compensation expense | $ 4,607 | ||
Weighted-average period of recognition | 1 year 7 months 6 days | ||
Awards granted | 308,888 | ||
Stock-based compensation expense | $ 3,519 | $ 2,407 | 1,706 |
Performance Stock Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years 6 months | ||
Total unrecognized stock-based compensation expense | $ 20,077 | ||
Weighted-average period of recognition | 1 year 6 months | ||
Awards granted | 550,460 | 956,730 | |
Increase in units | 282,662 | ||
Stock-based compensation expense | $ 20,356 | $ 15,361 | $ 15,088 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee base compensation contribution percentage | 10.00% | ||
Purhcase price percentage of fair market value | 85.00% | ||
Shares of common stock purchased | 72,882 | 71,636 | 86,922 |
Stock-based compensation expense | $ 276 | $ 331 | $ 438 |
Common stock reserved for issuance | 1,600,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Unvested at January 1, 2017 | shares | 356,761 |
Units, Granted | shares | 308,888 |
Units, Vested | shares | (145,098) |
Units, Forfeited | shares | (54,448) |
Units, Dividend equivalents | shares | 11,689 |
Units, Unvested at December 31, 2017 | shares | 477,792 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2017 | $ / shares | $ 16.68 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 19.60 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 17.16 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 17.75 |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | $ / shares | 18.12 |
Weighted-Average Grant-Date Fair Value, Unvested at December 31, 2017 | $ / shares | $ 18.33 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of RSU Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 24,151 | $ 18,099 | $ 17,232 |
Tax benefits realized | 21,457 | 13,301 | 7,694 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 3,519 | 2,407 | 1,706 |
Tax benefits realized | 2,920 | 1,775 | 666 |
Weighted-average grant-date fair value of units granted | 6,054 | 3,825 | 3,288 |
Fair value of units vested | $ 2,490 | $ 1,580 | $ 849 |
Stock-Based Compensation (Sum89
Stock-Based Compensation (Summary of PSU Activity) (Details) - Performance Stock Units (PSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Unvested at January 1, 2017 | 2,161,311 | |
Units, Granted | 550,460 | 956,730 |
Units, Achievement adjustment | 282,662 | |
Units, Vested | (897,338) | |
Units, Forfeited | (84,942) | |
Units, Dividend equivalents | 41,778 | |
Units, Unvested at December 31, 2017 | 2,053,931 | 2,161,311 |
Weighted-Average Grant-Date Fair Value, Unvested at January 1, 2017 | $ 16.39 | |
Weighted-Average Grant-Date Fair Value, Granted | 30.58 | |
Weighted-Average Grant-Date Fair Value, Achievement adjustment | 20.96 | |
Weighted-Average Grant-Date Fair Value, Vested | 17.05 | |
Weighted-Average Grant-Date Fair Value, Forfeited | 24.62 | |
Weighted-Average Grant-Date Fair Value, Dividend equivalents | 18.03 | |
Weighted-Average Grant-Date Fair Value, Unvested at December 31, 2017 | $ 21.37 | $ 16.39 |
Stock-Based Compensation (Sch90
Stock-Based Compensation (Schedule of PSU Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 24,151 | $ 18,099 | $ 17,232 |
Tax benefits realized | 21,457 | 13,301 | 7,694 |
Performance Stock Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 20,356 | 15,361 | 15,088 |
Tax benefits realized | 18,538 | 11,525 | 7,028 |
Weighted-average grant-date fair value of units granted | 16,833 | 17,604 | 17,843 |
Fair value of units vested | $ 15,301 | $ 9,763 | $ 6,078 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |||
Matching contributions | 50.00% | ||
Percentage of eligible compensation | 6.00% | ||
Expense for matching contributions | $ 2,341 | $ 2,028 | $ 1,947 |
Discretionary contributions | $ 0 | $ 0 | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017USD ($) | [1],[2],[3] | Sep. 30, 2017USD ($) | [1],[3] | Jun. 30, 2017USD ($) | [1] | Mar. 31, 2017USD ($) | [1],[3] | Dec. 31, 2016USD ($) | [1],[2],[3] | Sep. 30, 2016USD ($) | [1],[3] | Jun. 30, 2016USD ($) | [1] | Mar. 31, 2016USD ($) | [1],[3] | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||||||||
Number of reportable segments | segment | 10 | ||||||||||||||||||
Total net revenues | $ 211,604 | $ 186,325 | $ 214,586 | $ 188,444 | $ 194,960 | $ 164,162 | $ 198,994 | $ 171,100 | $ 800,959 | $ 729,216 | $ 658,768 | ||||||||
United Kingdom [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | $ 77,485 | $ 78,543 | $ 75,653 | ||||||||||||||||
[1] | Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078, $1,084, $759 and $1,551, respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets, for further discussion. | ||||||||||||||||||
[2] | Net income for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes, for further discussion | ||||||||||||||||||
[3] | Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615, respectively, related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530, $9,638 and $814, respectively, related to television production incentives. |
Segment Information (Summary of
Segment Information (Summary of Financial Information for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | [1],[2],[3] | Sep. 30, 2017 | [1],[3] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1],[3] | Dec. 31, 2016 | [1],[2],[3] | Sep. 30, 2016 | [1],[3] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1],[3] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | $ 211,604 | $ 186,325 | $ 214,586 | $ 188,444 | $ 194,960 | $ 164,162 | $ 198,994 | $ 171,100 | $ 800,959 | $ 729,216 | $ 658,768 | |||||||||
Depreciation and amortization | 26,050 | 24,411 | 22,760 | |||||||||||||||||
Total OIBDA | [4] | 101,628 | 80,052 | 61,554 | ||||||||||||||||
Loss on an abandoned capital project | 7,125 | |||||||||||||||||||
Network [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 197,876 | 180,895 | 159,407 | |||||||||||||||||
Depreciation and amortization | 6,897 | 6,045 | ||||||||||||||||||
Total OIBDA | [5] | 64,176 | 43,020 | 48,364 | ||||||||||||||||
Decrease in OBIDA | 15,427 | |||||||||||||||||||
Television [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 270,217 | 241,730 | 231,115 | |||||||||||||||||
Depreciation and amortization | 4,756 | 5,026 | 8,955 | |||||||||||||||||
Total OIBDA | [5] | 139,446 | 119,814 | 96,967 | ||||||||||||||||
Increase in OBIDA | 15,427 | |||||||||||||||||||
Home Entertainment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 8,635 | 13,110 | 13,434 | |||||||||||||||||
Depreciation and amortization | 56 | 20 | ||||||||||||||||||
Total OIBDA | 1,624 | 5,249 | 4,624 | |||||||||||||||||
Digital Media [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 34,479 | 26,937 | 21,448 | |||||||||||||||||
Depreciation and amortization | 175 | 342 | 1,254 | |||||||||||||||||
Total OIBDA | 10,252 | 4,576 | 4,384 | |||||||||||||||||
Live Events [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 151,705 | 144,358 | 124,667 | |||||||||||||||||
Depreciation and amortization | 2 | 22 | ||||||||||||||||||
Total OIBDA | 42,254 | 41,807 | 37,986 | |||||||||||||||||
Licensing [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 52,126 | 49,126 | 48,913 | |||||||||||||||||
Total OIBDA | 31,119 | 27,430 | 28,795 | |||||||||||||||||
Venue Merchandise [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 23,742 | 24,198 | 22,428 | |||||||||||||||||
Total OIBDA | 9,116 | 9,764 | 8,870 | |||||||||||||||||
WWEShop [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 37,815 | 34,607 | 27,074 | |||||||||||||||||
Total OIBDA | 8,289 | 7,338 | 5,148 | |||||||||||||||||
WWE Studios [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 18,618 | 10,094 | 7,082 | |||||||||||||||||
Depreciation and amortization | 8 | |||||||||||||||||||
Total OIBDA | (3,642) | (258) | (1,487) | |||||||||||||||||
Corporate & Other [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total net revenues | 5,746 | 4,161 | 3,200 | |||||||||||||||||
Depreciation and amortization | 14,166 | 12,976 | 12,521 | |||||||||||||||||
Total OIBDA | [4] | $ (201,006) | $ (178,688) | $ (172,097) | ||||||||||||||||
[1] | Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078, $1,084, $759 and $1,551, respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets, for further discussion. | |||||||||||||||||||
[2] | Net income for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes, for further discussion | |||||||||||||||||||
[3] | Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615, respectively, related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530, $9,638 and $814, respectively, related to television production incentives. | |||||||||||||||||||
[4] | The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment, for further discussion. | |||||||||||||||||||
[5] | Beginning on January 1, 2016, the Company started allocating certain shared costs and expenses between our Network and Television segments. We believe this allocation more accurately reflects the operations of each of these reportable segments. The impact of this allocation methodology during the year ended December 31, 2016 was a decline to Network segment OIBDA of $15,427, with a corresponding increase of $15,427 to Television segment OIBDA. The allocation methodology had no impact on our consolidated financial statements. Prior year Network and Television segment results were not revised for this prospective change in the allocation method. Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations for further discussion. |
Segment Information (Reconcilia
Segment Information (Reconciliation of Total Operating (Loss) Income to Total OIBDA) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Information [Abstract] | ||||
Operating income | $ 75,578 | $ 55,641 | $ 38,794 | |
Depreciation and amortization | 26,050 | 24,411 | 22,760 | |
Total OIBDA | [1] | $ 101,628 | $ 80,052 | $ 61,554 |
[1] | The year ended December 31, 2015 includes a $7,125 charge to write-off assets related to a media center expansion project. This non-cash, non-recurring item relates to assets capitalized in previous years and is recorded as Loss on abandonment in our Consolidated Statements of Operations. See Note 6, Property and Equipment, for further discussion. |
Segment Information (Schedule o
Segment Information (Schedule of Net Revenues by Major Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | [1],[2],[3] | Sep. 30, 2017 | [1],[3] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1],[3] | Dec. 31, 2016 | [1],[2],[3] | Sep. 30, 2016 | [1],[3] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1],[3] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | $ 211,604 | $ 186,325 | $ 214,586 | $ 188,444 | $ 194,960 | $ 164,162 | $ 198,994 | $ 171,100 | $ 800,959 | $ 729,216 | $ 658,768 | ||||||||
North America [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | 599,697 | 539,917 | 488,957 | ||||||||||||||||
Europe/Middle East/Africa [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | 125,639 | 122,728 | 112,326 | ||||||||||||||||
Asia Pacific [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | 61,568 | 54,699 | 49,348 | ||||||||||||||||
Latin America [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Total net revenues | $ 14,055 | $ 11,872 | $ 8,137 | ||||||||||||||||
[1] | Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078, $1,084, $759 and $1,551, respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets, for further discussion. | ||||||||||||||||||
[2] | Net income for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes, for further discussion | ||||||||||||||||||
[3] | Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615, respectively, related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530, $9,638 and $814, respectively, related to television production incentives. |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) - customer | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Concentration risk, number of customers | 2 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 16.00% | 17.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% |
Selected Quarterly Financial 97
Selected Quarterly Financial Information (Schedule Of Selected Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||||
Net revenues | $ 211,604 | [1],[2],[3] | $ 186,325 | [1],[3] | $ 214,586 | [1] | $ 188,444 | [1],[3] | $ 194,960 | [1],[2],[3] | $ 164,162 | [1],[3] | $ 198,994 | $ 171,100 | [1],[3] | $ 800,959 | $ 729,216 | $ 658,768 | |
Cost of revenues | 118,208 | [1],[2],[3] | 95,233 | [1],[3] | 136,387 | [1] | 109,153 | [1],[3] | 117,041 | [1],[2],[3] | 87,637 | [1],[3] | 132,020 | 93,334 | [1],[3] | 458,981 | 430,032 | 397,316 | |
Net income | $ 4,813 | [1],[2],[3] | $ 21,854 | [1],[3] | $ 5,085 | [1] | $ 888 | [1],[3] | $ 8,019 | [1],[2],[3] | $ 11,075 | [1],[3] | $ 862 | $ 13,885 | [1],[3] | $ 32,640 | $ 33,841 | $ 24,144 | |
Earnings per share: basic | $ 0.06 | [1],[2],[3] | $ 0.28 | [1],[3] | $ 0.07 | [1] | $ 0.01 | [1],[3] | $ 0.10 | [1],[2],[3] | $ 0.15 | [1],[3] | $ 0.01 | $ 0.18 | [1],[3] | $ 0.43 | $ 0.44 | $ 0.32 | |
Television production incentives | $ 615 | $ 10,645 | $ 814 | $ 9,638 | $ 2,530 | $ 11,260 | $ 12,982 | $ 11,100 | |||||||||||
Impairment of an equity investment | 0 | 0 | 0 | ||||||||||||||||
Loss on an abandoned capital project | 7,125 | ||||||||||||||||||
Deferred tax asset remeasurement | 10,878 | ||||||||||||||||||
Deemed repatriation transition tax | 406 | ||||||||||||||||||
Feature Film Production Assets [Member] | |||||||||||||||||||
Impairment charges | $ 1,551 | $ 759 | $ 1,084 | $ 2,078 | $ 823 | $ 5,472 | $ 823 | $ 490 | |||||||||||
[1] | Cost of revenues for the first, second, third and fourth quarters of 2017 includes impairment charges of $2,078, $1,084, $759 and $1,551, respectively, related to certain of our feature films. Cost of revenues for the fourth quarter of 2016 includes an impairment charge of $823 related to certain of our feature films. See Note 7, Feature Film Production Assets, for further discussion. | ||||||||||||||||||
[2] | Net income for the fourth quarter of 2017 includes one-time charges of $10,878 associated with the remeasurement of our net deferred tax assets and $406 related to the transition tax on mandatory repatriation of undistributed foreign earnings arising from the enactment of the Tax Act. See Note 12, Income Taxes, for further discussion | ||||||||||||||||||
[3] | Net income for the third and fourth quarters of 2017 includes a benefit of $10,645 and $615, respectively, related to television production incentives. Net income for the first, third and fourth quarters of 2016 includes a benefit of $2,530, $9,638 and $814, respectively, related to television production incentives. |
Valuation and Qualifying Acco98
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance For Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 5,945 | $ 7,789 | $ 4,814 | |
Charges to Expense/Against Revenues | 537 | (386) | 630 | |
Deductions/Adjustments | [1] | (5,140) | (1,458) | 2,345 |
Balance at End of Year | 1,342 | 5,945 | 7,789 | |
Magazine Publishing Allowance For Newsstand Returns [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 299 | |||
Charges to Expense/Against Revenues | 28 | |||
Deductions/Adjustments | [1] | (327) | ||
Home Video Allowance For Returns [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 2,273 | 2,442 | 2,588 | |
Charges to Expense/Against Revenues | 6,890 | 7,294 | 10,158 | |
Deductions/Adjustments | [1] | (7,501) | (7,463) | (10,304) |
Balance at End of Year | 1,662 | 2,273 | 2,442 | |
WWE Network Chargebacks [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 40 | 80 | 25 | |
Charges to Expense/Against Revenues | 353 | 402 | 855 | |
Deductions/Adjustments | [1] | (363) | (442) | (800) |
Balance at End of Year | $ 30 | $ 40 | $ 80 | |
[1] | Includes deductions which are comprised primarily of write-offs of specific bad debts and returns of products, as well as certain adjustments to the allowance account, including reserves for amounts due from customers that have not been recognized as revenue. |